Miami Arizona federal credit union fraud

In July of 2009, the former manager of the Marian Miami Federal Credit Union was indicted by a federal grand jury on 25 counts of alleged embezzlement totaling $1.18 million. The once-popular lending institution closed in December of 2006, after operating for 51 years. The former manager was hired in 1994 and became manager of the Miami credit union in 2000 at age 39.

The indictment alleges the former manager created 141 fictitious loans and 333 unauthorized transactions, occurring between July of 2004 and July of 2006. The scheme cycle included fake loan proceeds being issued and fake loan payments received, which were characterized as teller drawer transactions, (to avoid showing up on member accounts) throwing the cash out of balance, requiring new loan creation, ad infinitum.

Each count is punishable with up to 30 years in federal prison and $1 million in fines upon conviction.

In 2010, under a plea bargain agreement without appeal, former manager Marlene Aguilera Pena pleaded guilty to stealing $860,301 from the Credit Union and was sentenced to 51 months in prison.

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