HOUSTON The former vice president of lending at Members Choice CU pleaded guilty yesterday to 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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Prosecutors say 39-year-old Shawn Nelson opened signature loan accounts in the names of his family and friends and then used the money for himself. He was charged with 12 counts of bank fraud.
Nelson was a lending officer at the $460 million credit union from 2001 through 2009.
Nelson faces sentencing this fall. He has agreed to forfeit the unlawfully loaned $340,000 and could be ordered to pay a $1 million fine.
