LANSING (WWJ) - A Michigan Credit Union employee has admitted to taking millions of dollars from the institution.
Prosecutors say 61-year-old Sharon Broadway embezzled $2.1 million from the United Catholic Credit Union in Temperance in Monroe County.
She’s pleaded guilty to felony embezzlement and racketeering and now faces up to 40 years in prison.
Prosecutors say a routine federal examination revealed that a substantial number of certificates of deposit went unrecorded on the credit union’s books. As manager, secretary, board member and sole employee, Michigan Attorney General Bill Schuette says Broadway was able to conceal her crimes for years using a complex money laundering scheme.
“Whenever a Michigan family makes a deposit into their accredited financial institution, they should not have to worry about the safety of their hard-earned money or that their assets are being used for personal gain,” said Schuette. “Our office will continue to work closely with OFIR to bring to criminals to justice when they unfairly manipulate the system.”
The credit union, which has only one location, 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.”
Broadway will be sentenced by Judge Weipert on Jan. 17, 2013 at 9 a.m.