Former Arkansas Employees FCU President Guilty In $500,000 Fraud
LITTLE ROCK, Ark. – Joyce Judy, who was president of Arkansas Employees FCU until April, on Tuesday waived indictment and pleaded guilty to stealing $500,000 from a member’s account.
Judy, 58, stole the funds from the member’s account in October 2009 as part of a $1 million investment she made in what appears to have been a scam. She put the member’s money and her own $500,000 into an account set up for an “investment opportunity” that Judy had agreed to. Without Judy’s permission, those funds were later wired out of the country.
She was fired when the fraud was discovered.
The other party to the investment was not identified.
Judy, of North Little Rock, pleaded guilty to an “information,” the term for a charge filed directly by federal prosecutors rather than an indictment issued by a grand jury.