PADUCAH, Ky.—The former manager of the just-liquidated IBEW Local 816 FCU is facing theft charges.
Authorities believe Debra Pyfrom, 60, stole more than $100,000.
Pyfrom has been charged with theft by deception of more than $10,000, and theft by failure to make required disposition over $10,000, according to published reports.
The future of the credit union began to spiral downward in late June when the McCracken County Sheriff Detectives began investigating allegations of theft at the $6.3 million-asset CU.
Detectives obtained court orders to review the credit union’s records, which revealed that thefts had been occurring. Detectives contacted NCUA, which assisted in the ongoing investigation.
On June 30, the McCracken County Sheriff’s department went to the credit union to talk with Pyfrom, who spoke to detectives about the investigation and confessed to stealing more than $100,000. She explained how she had been taking the money for the past two years, investigators reported.
A preliminary hearing was held on July 10. The case was bound over to the McCracken County Grand Jury.
IBEW Local 816 is the sixth federally insured credit union liquidation this year.
In its most recent call report, IBEW Local 816 FCU reported $22,251 in first-quarter net income. Its net worth ratio as of March 31 was 10.41%.
According to WPSDlocal6.com, the $179 million C-Plant FCU here has been selected to assume the assets of IBEW.
