Manager Of Wichita Falls TexDOT CU Guilty Of Looting Tiny CU

Published March 24, 2009, 9:44 p.m. EDT

Updated August 27, 2020, 12:45 a.m. EDT

1 Min Read

WICHITA FALLS, Texas – The manager of defunct Wichita Falls TexDot CU pleaded guilty to embezzling $3.1 million, which sunk the one-time $5.2 million credit union.

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Joanna McGee is scheduled to be sentenced next month for a scheme under which she created phony loans on dormant accounts and used the purloined funds for personal expenses.

The scheme forced the liquidation of the 55-year-old credit union last October and its merger into nearby Postal CU. TexDot was chartered in 1953 to serve employees of the Texas Department of Transportation.

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