Loan Manager Charged In $700,000 Fraud
JANESVILLE, Wis. – A former loan manager at Parker Community CU was arrested last week on charges she took out more than $700,000 in loans using first the names of family members, then the names of friends and finally the names of strangers.
Laura Powers, 50, was charged with embezzlement and 12 counts of felony misappropriation of identification.
The scheme allegedly cost the credit union more than $715,000 in losses.
Powers told police that she took out at least 18 loans in other people’s names. Those loans ranged from $2,000 to $150,000. She bought vehicles, a boat, ATVs, property and jewelry, among other things.