NORFOLK, Va. – The former vice president of Portsmouth Post Office CU pleaded guilty Tuesday to federal charges of embezzling more than $170,000 through a series of loans that bankrupted the tiny credit union.
Processing Content
Minerva Marrero-Smith, 51, admitted obtaining at least seven loans in either her own or other people’s names by providing false statements about her employment, income and assets. Her actions led to the demise of the $2 million credit union and its merger into Northern Star CU.
Federal prosecutors are seeking repayment of $212,000 from Marrero-Smith, who is scheduled to be sentenced next March.
