BOSTON The former president and lone employee at Adams Municipal Employees FCU last week was convicted of stealing $160,000 from the now-defunct credit union, which was located in the basement of city hall in this western Massachusetts hamlet.
Patricia Piscioneri, 67, pleaded guilty to a 30-count indictment in the embezzlement, which sunk the less-than-$1 million credit union in 2006.
Piscioneri stole the funds by creating phony loan accounts in the names of credit union members and depositing the proceeds of these phony loans into her own, her husband’s, or other family members’ accounts, or used the proceeds to pay off previously obtained phony loans.
To hide the scheme she created false documentation, such as loan applications and promissory notes, and forged signatures on the false loan documentation.
Sentencing is scheduled for April 25.
