William J. Memmer, a former assistant manager and treasurer at the failed $15.5 million G.I.C. Federal Credit Union, was sentenced May 28 to seven years in federal prison and ordered to pay $7 million in restitution.
"This lengthy sentence is reflective of the magnitude of Mr. Memmer's embezzlement and fraud he orchestrated for numerous years," Stephen Anthony, special agent in charge of the FBI's Cleveland office, stated in a press release. "Citizens should have a sense of trust that their investments are safe, and the FBI will continue efforts to root out greedy fraudsters like Mr. Memmer."
Memmer, 63, pleaded guilty earlier this year to one count of embezzlement and one count of making false entries in credit union records and reports.
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