Hoya FCU Accountant, Family Members Siphoned $220,000
WASHINGTON – An accountant for Hoya FCU on Thursday was sentenced to five years behind bars for stealing more than $220,000 for the credit union for students at Georgetown University.
Reginald A. Clark, 42, was convicted of bank fraud, wire fraud, and falsifying federal credit institution records. He was sentenced to five years and three months in prison and ordered to pay $219,000 in restitution.
Because of the theft, the $14 million credit union, formerly known as Georgetown University Alumni & Students FCU, has struggled the past two years, with a $54,000 net for 2010 and a $12,600 loss for the first six months of 2011.
Clark worked at the credit union from 2001 and 2003. During most of that time he worked three separate schemes to embezzle money from the institution, authorities said.
Clark was convicted of a scheme where he would send credit union checks to his cousin and his wife in Norwalk, Conn., then erase the checks from the student credit union’s files.
He also wrote almost $100,000 in checks to himself, which he used for personal expenses. On at least two occasions Clark initiated wire transfers to buy CDs on behalf of the credit union that ended up being in either his name, his cousin’s or his cousin’s wife, according to court records.