A former assistant vice president of tellers was indicted last week for allegedly embezzling more than $800,000 from the $225 million Pantex Federal Credit Union in Borger, Texas.
From September 1996 to December 2010, Dorothy Stegall Barnes allegedly stole approximately $826,000, according to an indictment filed by federal prosecutors in U.S. District Court in Amarillo, Texas on July 30.
Court documents do not detail how Barnes took the credit union's money or when the alleged embezzlement was detected.
However, in August 2014, CU Times reported that an FBI investigation was launched and that an unidentified employee was dismissed from Pantex FCU.
The credit union contacted the Borger Police Department in July 2014 to investigate allegations of possible fraud that could have spanned numerous years, according to a police department spokesperson. The Borger Police Department said it turned over the case to the FBI.
After discovering the alleged crime, the cooperative took a proactive approach by sending letters to its 15,521 members and issuing a statement to local papers.
"Being part of such a close community, Pantex Federal Credit Union understands how quickly information can spread around," the statement read. "As always, we want to be as open as we can with our valued members. We acknowledge that there is an investigation currently pending as to a possible misappropriation of funds at our credit union. A long time employee has been terminated from the credit union."
Because of the criminal litigation, Cliff Murley, president/CEO of Pantex FCU, declined to comment when reached Monday.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
