The former president of a small credit union, who was also treasurer of his league chapter, pleaded guilty to bank fraud last week in U.S. District Court in St. Louis, according to court documents.
Paul C. Smith, who worked at Laclede Community Credit Union from 2007 to 2012 and served as treasurer of the Illinois Credit Union League's George G. Burnett chapter, admitted he used a debit card tied to his position as chapter treasurer to pay for almost $60,000 in personal expenses for five years, according to the U.S. Attorney's Office.
Because the chapter's bank account was at LCCU, Smith was able to hide the fraud by manipulating the credit union's computer system and records, according to court documents.
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