A former branch manager and loan officer admitted Monday to defrauding nearly $1.5 million from an Alabama credit union and manipulating credit scores or overinflating the value of vehicles to approve more than 250 car loans.
Jennifer Leigh Arnette of Enterprise, Ala., who joined the $32.5 million IAM Community Federal Credit Union in Enterprise in 2006 and worked as a branch manager and loan officer until she was fired in April 2013, agreed to plead guilty to financial institution theft, according to court documents filed by federal prosecutors in U.S. District Court in Montgomery, Ala.
"The investigation took three and a half years to bring it to this stage, and we're just glad that justice prevailed in this issue," IAM Community FCU President/CEO Frank Garrett said Tuesday.
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