GRAND RAPIDS, Mich. – The former president of Plainwell Community FCU pleaded guilty this week to stealing as much as $1.3 million from the credit union through a phony loan scheme.
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Ronald Tran, 45, confessed to receiving the proceeds of dozens of loans he approved in other people’s names between 2001 and 2004. The embezzlement scheme bankrupted the $15 million credit union, which went out of business in 2004.
Tran, who pleaded guilty to charges of embezzlement, fraud and money laundering, is scheduled to be sentenced in February.
