Patricia Piscioneri, a former credit union manager, may face up to 30 years in federal prison, after pleading guilty to embezzling $156,571 from the former Adams Municipal Employees Federal Credit Union in Adams, Mass.
Piscioneri, 67, pleaded guilty to a 30-count indictment Jan. 17 before U.S. District Judge Michael A. Ponsor in Boston.
From December 2001 to May 2005, Piscioneri embezzled credit union funds by creating fraudulent loan accounts in the names of credit union members and deposited that money into her own accounts, her husband's accounts, or other family members' accounts, according to federal prosecutors.
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She also used the embezzled funds to pay off previously obtained fraudulent loans. In an attempt to avoid detection, Piscioneri created fraudulent loan documentation, such as loan applications and promissory notes, and forged signatures on the fraudulent loan documentation.
Additionally, Piscioneri created false entries in the AMEFCU accounting system and advanced the payment due dates of the fraudulent loans, federal prosecutors said.
Sentencing is scheduled for April 25. In addition to imprisonment, Piscioneri may be fined up to $1 million.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
