Police CU Chief Busted For Theft
HUNTINGTON, W.V.-The former manager of Huntington Policemen's CU has been charged with embezzling $325,000 from the tiny credit union between 1998 and 2003. Shirley McClahanan was the manager of the credit union, which had less than $500,000 in assets, until an attempted merger with Huntington Area Postal FCU last month.The alleged fraud scheme was uncovered during the merger process when members received account summaries, officials said.
Huntington Area Postal FCU, a nearby $35 million institution, is managing the tiny credit union until the merger is completed.
Card Manager Pleads Guilty
ANCHORAGE, Alaska-The former manager of Alaskan FCU's credit card operations pleaded guilty in federal court last week to creating phony credit card accounts and embezzling $517,627 from the credit union.
Carol Chavez, 45, pleaded guilty to one count of bank fraud and one count of filing false tax returns. Chavez confessed to a scheme under which she created false identities, including names, addresses and Social Security numbers, for new accounts, then took cash advances on the bogus accounts at ATMs or on her personal account and recording them on the fake accounts. She spent the money on vacations, two boats and a down payment of an RV.
Robber Who Shot Cop Convicted
JACKSONVILLE, Fla.-One of two brothers captured after he shot a pursuing police officer following a hold-up at Education Community CU was convicted and could be sentenced to life in prison.
Both Micah Lamb, 31, and his brother Aaron Lamb, 22, were found guilty of the credit union robbery, as well as an earlier hold-up at Bank of America, and face life in prison.
The brothers were arrested two weeks after the Dec. 7, 2001 credit union robbery and ensuing shoot-out during which an officer was shot in the leg through the door of his cruiser.
The two bandits entered the credit union and ordered all the employees and members to lie on the floor while they rifled through the cash drawers, then sped away in a getaway car. The robbers were cornered a mile from the credit union but slipped through the police dragnet to escape.
Diebold Unveils New ATM Line
NORTH CANTON, Ohio-Diebold Inc. has introduced a new line of ATMs that will allow consumers to deposit cash or checks without an envelope and features a full-color printer. The Opteva line will also expand capabilities by offering an additional dispenser to provide for high volumes of currency and reduce cash management costs.The fifth cassette can also dispense stamps, coupons, tickets or other media to increase revenue opportunities.
Fiserv To Acquire Processor
BROOKFIELD, Wis.-Fiserv Inc. has agreed to acquire Precision Computer Systems, a Sioux Falls, S.D., provider of financial services processing services with $25 million in annual revenues and 735 clients. The 20-year-old company and its 235 employees will be integrated with Fiserv's Lincoln, Neb.-based Information Technology unit.