Vice Principal Pleads Innocent To Stealing $250,000 From School CU

Register now

NORWOOD, Mass. — The former treasurer of the Norwood School Employees FCU who was also vice principal of the Coakley Middle School pleaded not guilty in court Wednesday to stealing more than $250,000 from the now-defunct credit union.

Steven Shinnick, 64, resigned his administrative post at the school in December 2008 when financial discrepancies in the credit union's books began to surface.

The alleged theft amounted to as much as half of the assets of the tiny credit union, which was merged into nearby Rockland FCU in June 2009. The tiny credit union had about 250 employees of the Norwood school system as active members.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER