A former manager/CEO of a merged credit union pleaded not guilty to 18 counts of embezzlement in U.S. District Court in Los Angeles last week.
Jolina Monique Sanchez, the former manager/CEO of the $2.54 million Azusa City Employees Federal Credit Union in Azusa, Calif., was arraigned July 28 on felony charges that she embezzled nearly $240,000 from March 2012 to May 2013.
The Azusa-based credit union merged into the $335 million Foothill Credit Union in Arcadia, Calif.
Recommended For You
In January 2013, the NCUA determined the books of Azusa City Employees FCU didn't balance. The federal agency hired an outside auditing firm, which uncovered the embezzlement in mid-2013, L. Ashley Aull, an assistant U.S. Attorney in Los Angeles, said.
Over eight months, Sanchez allegedly wrote 18 checks in varying amounts against credit union accounts. The check amounts ranged from $2,355 to $46,463, according to court documents. Sanchez deposited the checks into accounts she controlled at other financial institutions.
She wrote her last check for $3,700 on May 3, 2013, about five months before the credit union merged into the $335 million Foothill Federal Credit Union in Arcadia, Calif., in October 2013.
Court documents do not state how Sanchez spent the money.
Sanchez was replaced, however, sometime during the second quarter of 2013. Judy A. Ibarra was listed as the manager/CEO in Azusa City Employees FCU's profile report filed with the NCUA at the end of June 2013.
In May 2014, Sanchez consented to an NCUA prohibition order.
© 2025 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.
Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
