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Westex FCU Employee Sentenced For Embezzlement - No Effect To Members' Deposits

Wednesday, September 4, 2013 - 2:14 PMWestex Credit Union - Details
From the Credit Union Times
[The former assistant accountant] embezzled funds in amounts of $100 - $1,000 and then deposited the money into the credit union account of either herself or her boyfriend.


“At no time have our credit union member accounts or funds been in jeopardy,” the credit union had said in a prepared statement

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There are concerns that depositors could lose their money due to employee theft, and neither the NCUA nor the FDIC will cover depositors' losses. There was one case involving credit unions losing some of their deposits at a bank, and the credit unions were forced to sue the bank.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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