Manager Charged With Massive KitingScheme
EASTON, Pa. - (07/22/05) -- A former branch manager at Nor-CarFCU was charged Wednesday with a decade-long $1.5 million kitingscheme that bankrupted the $40 million credit union two years ago.Betty Jean Barachie, who managed the credit union's Lehightonbranch, has admitted stealing the money, but NCUA and otherauthorities are still trying to fill a much larger million gap inthe credit union's accounts. Barachie allegedly embezzled $870,000through a sophisticated check-kiting scheme between 1992 and 2000.She tried to cover her tracks in December 2000 when she transferred$870,000 from an account at Mid-Atlantic Corporate FCU to her ownaccount. Between June 2001 and April 203, Barachie allegedlytransferred another $653,663 from Nor-Car's corporate account toher own account. NCUA took over 68-year-old credit union inNovember 2003 and closed it down in October 2004, selling itsassets to First Commonwealth FCU.