NEW ALBANY, Ind. – In one of the first known cases of its kind, a former teller yesterday was charged with stealing $7 million from Obelisk FCU, causing the failure of the $56 million credit union.
Prosecutors allege that Patricia Sherman, 49, gambled away most of the stolen funds at riverboat casinos. Sherman was head teller at the credit union from 1999 until last March, when she was fired and NCUA took the institution under conservatorship. The credit union later was sold to $700 million Centra CU in a purchase and assumption agreement.
Sherman allegedly walked out of the credit union on a regular basis with large piles of cash, making false entries in the books to cover up the missing money.
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