After detectives and NCUA auditors confronted Debra C. Pyfrom June 30, the manager of the $6.3 million IBEW Local 816 Federal Credit Union confessed she stole more than $100,000 over two years.
Ten days later on July 10, the NCUA liquidated the Paducah, Ky.-based cooperative and discontinued its operations after determining it was insolvent and had no prospect for restoring viable operations.
"An exact amount of how much money was taken over the past approximate two year period by Pyfrom is pending the completion of an audit that is under way," the McCracken County Sheriff department said in a prepared statement. "Detectives believe based on the evidence and admissions made by Pyfrom the amount exceeds $100,000."
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