The NCUA issued four orders on Friday prohibiting individuals from participating in the affairs of any federally insured financial institution. Violators were all banned for theft, with court-ordered restitution amounts ranging from less than $20,000 to more than $1 million.
Carol Ann Ferraro, former executive vice president of $107 million Chaffey Federal Credit Union in Upland, Calif., was sentenced to 30 months in prison, five years of supervised release and ordered to pay $1,052,790.56 in restitution for embezzlement.
Prosecutors said Ferraro abused her authority as a super-user on the credit union's core system. Even after she was caught, authorities say, Ferraro attempted to conceal her embezzlement by manipulating payroll credits, shifting general ledger outages and falsifying month-end reconciliations.
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