MICHIGAN CENTER, Mich. – The former chief financial officer for Cascades Community FCU was charged with siphoning $339,000 from the credit union to cover his stock market losses.
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Terry Brandt, 56, a vice president at the $26 million credit union, is accused of wiring money in 2007 and early 2008 from the credit union’s general account to his personal investment accounts to cover stock market losses.
No members were affected by the alleged theft, authorities said.
Brandt, charged with embezzlement of more than $100,000 and embezzlement from a financial institution, is scheduled for trial Sept. 3.
