SACRAMENTO, Calif. - The former finance and accounts manager at Capital Power CU, which was merged into SAFE CU last year, pleaded guilty to embezzling almost $410,000 from the credit union between 2001 and 2007, using the funds to buy rare coins and pay off his credit card expenses.
Richard Ditzel, 41, admitted he diverted checks and proceeds to his personal use and that he made false entries into the credit union’s general ledger creating fictitious expenses to cover the scheme.
In a search of Ditzel’s home in March the FBI seized thousands of dollars worth of coins and other valuables purchased with the stolen funds. Ditzel has agreed that the FBI may transfer those items to SAFE CU as partial restitution.
The embezzlement was only uncovered during the merger of the $60–million credit union into SAFE CU last summer.
The FBI investigated the case and executed a search warrant, which turned up collectible coins bought with embezzled funds. Ditzel will transfer those items to SAFE as part of partial restitution.
