OSWEGO, N.Y. – The president of Oswego Teachers’ Employees FCU, whose body was found on a secluded country road near here last summer, had apparently stolen more than $282,000 from the credit union and was about to be detected.
The theft was only discovered after the apparent suicide of 67-year-old Carol Russo, who had run the credit union for almost 20 years, authorities said.
Russo told co-workers she was leaving for a doctor’s appointment on June 29, then was reported missing the next day after she failed to show up for work. Her body was found three days later in a remote area and the death was ruled a suicide.
The missing funds were discovered during an NCUA audit before the manager’s suicide, then were confirmed by an independent auditing firm after Russo’s death.
In a letter to members, credit union officials said the funds were embezzled through a series of fictitious loans. The funds are expected to be recovered through a bond claim, the letter stated.
“The fraud was the action of one and only one employee,” the letter said. “No other employee knew anything about the fraudulent activity.”
