HOUSTON The former vice president of lending at Members Choice CU was charged yesterday with creating $340,000 of loans in unwitting members’ names that he used to pay his credit card bills, his taxes, and for home improvements, among other things.
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Shawn Nelson, 39, who was arrested last Friday, was charged with 12 counts of bank fraud, according to a federal grand jury indictment unsealed yesterday.
Nelson allegedly opened signature loan accounts in the names of three credit union members without their knowledge, borrowed $340,305 from the accounts, then used the money for hundreds of transactions for his own benefit.
He was arraigned in federal court yesterday and released pending further criminal proceedings.
