CAMDEN, N.J. - A former assistant vice president of loss prevention for South Jersey FCU was sentenced yesterday to 33 months in prison for her scheme to defraud the credit union of up to $400,000.
Nora Phelps, 48, also was ordered to pay $342,827 in restitution and to serve five years of supervised release.
Phelps, who was in charge of collecting delinquent loans, admitted that since at least 2005, she scheme to transfer credit union funds into accounts that she controlled. One of these methods consisted of diverting money collected by check or cash, primarily from credit union members making payments on charged-off loans, by depositing the funds into the accounts of some of Phelps' family members, instead of posting the funds to the appropriate members' loan accounts.
