Jailed CFO Gets Reduced Prison Time
LANSING, Mich. – A state court yesterday agreed to shorten the sentence of the CFO of Cascades Community FCU, who in 2008 was convicted of embezzling $339,000 from the Leoni Township credit union to cover his losses in the stock market.
The reduced sentence of three-to-20 years came after the state appeals court overturned the original five-to-20 year term Terry Brandt received for stealing from what was then Cascades Community FCU, where he worked as chief financial officer.
The appeals court ruled Brandt’s sentencing guidelines, a point system used to generate a range of possible minimum penalties, were improperly calculated. Brandt had no misconduct citations while in prison and has been working as a tutor, using his education to help other prisoners.
In reducing the sentence, the judge said he considered Brandt’s good institutional record, lack of a significant past criminal history and health condition.
Brandt wired money from the credit union’s general account to his personal stock trading accounts at least nine times between October 2006 and January 2008 to cover losses in his account. He has already has served about two-and-a-half years in prison.