COLUMBIA HEIGHTS, Minn. - Financial One CU is seeking forfeiture of hundreds of thousands of dollars in homes and personal belongings from its former CEO, Richard Lange, after the long-time head of the credit union pleaded guilty to an embezzlement scheme.
The 55-year-old Lange, who was charged with stealing as much as $1 million from the credit union, known until recently as First Community CU, earlier this month pleaded guilty to stealing more than $11,000 and is waiting to be sentenced. But federal prosecutors say Lange regularly stole funds that should have gone to the credit union while he built the institution from just $1 million in assets in 1978 to more than $54 million in 2004, when he was fired.
During that time, he allegedly used credit union funds to: pay premiums on a $1.5 million life insurance policy; pay off his and his wife's Visa bill; buy three homes; pay the property taxes on those homes; buy a $17,000 Chevy Suburban, $1,981 in Tiffany jewelry for his wife and a $5,355 riding lawnmower, and even pay the paper boy $106.64 for home newspaper delivery that was never authorized by the board.
A federal grand jury indictment charges that Lange regularly cashed checks made out to the credit union and either deposited them into his own or family members' accounts.
