KEY WEST, Fla. – The former manager of tiny Monroe County Teachers FCU is headed to prison after confessing to embezzling $1.24 million from the Keys institution between 2002 and 2007.
Under a deal with prosecutors, Patricia Long, 60, pleaded guilty to two felony charges and will serve two years in prison. Long has also agreed to pay restitution and has already repaid $100,000 in cash and surrendered a retirement account worth $177,000. She also forfeited $62,000 on account at the credit union.
Long will also sign over the proceeds from the sale of her house, valued at $405,000, minus its $166,000 mortgage, to the credit union.
The ex-credit union president opened numerous credit card accounts paid by the credit union and charged hundreds of thousands of dollars in Internet purchases, as well as to QVC and other television shopping programs.
The $6.1 million credit union reported a loss of $75,000 for 2007.
