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Credit Union Worker Charged With Embezzling $2.1M

TEMPERANCE (WWJ/AP) – A woman who was the sole employee of a Michigan credit union near the Ohio border has been charged with embezzling $2.1 million.

State prosecutors say Sharon Broadway of Toledo, Ohio, stole money from United Catholic Credit Union in Temperance for more than 20 years through the use of aliases and forged checks. Many certificates of deposit were not recorded.

Defense attorney Lorin Zaner said a plea deal is anticipated with the Michigan Attorney General’s Office.

The 61-year-old Broadway was her own boss at United Catholic Credit, which had just one location. It had more than 200 members from Roman Catholic churches in Monroe County. Deposits were insured up to $250,000.

The credit union was declared insolvent and locked up in August. At the time of the credit union’s closing, the state issued a statement saying that United Catholic Credit Union was “operating in an unsafe and unsound manner and is insolvent.” The state further said that examiners “found instances of alleged criminal activities.”

“Michigan families deserve to know that their money is safe when they make deposits into licensed financial institutions,” Attorney General Bill Schuette said in statement. “Our office will continue to work with [the state Office of Financial and Insurance Regulation] to ensure that criminals attempting to manipulate the system are brought to justice.”

TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.

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