A woman was sentenced this week to 13 months in prison for stealing nearly $360,000 from her credit union employer.
Jenny Nishida, 41, a former teller at OTS Employees Federal Credit Union, is among three former employees who pleaded guilty this summer to embezzling a total of approximately $500,000 from the $12.5 million, Honolulu-based institution.
Nishida was convicted of making 122 false Visa card payments to herself, her husband and other relatives, according to court documents.
Although the three former colleagues conducted similar credit card and loan schemes over numerous years, they did not collaborate or know the others were stealing, according to a seven-month FBI investigation.
Dona Takushi, 54, former CEO and manager of OTS Employee FCU, admitted stealing $120,000 and will be sentenced Sept. 18, the documents said.
Nicole Cheung, 35, a former loan officer, was sentenced Aug. 25 to 20 days in prison, five years of supervised release and ordered to pay $21,607 in restitution and fines, the documents said.
Cheung, who admitted to making 54 false entries from 2007 to 2012, faced up to 30 years in prison, but the judge was lenient with sentencing because the mother of four young children cooperated with law enforcement officials, the FBI said.
FBI Special Agent Tom Simon, who led the investigation, recently told CU Times that the credit union was a proverbial den of thieves.
Gloria Omandam, the new CEO/manager of OTS Employees FCU, testified Aug. 25 in Honolulu's U.S. District Court that the credit union has implemented tighter controls and stricter oversight to detect and deter internal fraud, according to court documents.
CUMIS Insurance Society, which covered the loss caused by the thefts, has filed a civil lawsuit the three former employees and the credit union's auditor, CU Pacific Audit Solutions, according to court documents.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
