MINNEAPOLIS – The former internet services manager for Postal CU was charged last week with embezzling $388,000.
Phillip Webb, 46, in his capacity as manager of network services at the credit union, falsely notified Cisco Systems, Inc., a computer parts manufacturer, that various parts in the credit union’s computer systems were faulty, according to the charges. Webb allegedly sold the Cisco replacement parts online for his own financial benefit and obtained cheap, second-hand units to return to Cisco as the defective parts.
Between 2007 and 2009, Webb returned to Cisco 55 defective parts, 42 of which were actually less expensive replacements for good computer parts that Webb had falsely claimed were defective. Only 13 of those 55 parts actually were defective. The estimated loss to the credit union because of this fraud is approximately $388,000.
