In an Aug. 31 letter to members, the $591 million Houston Police Federal Credit Union said it is working with the FBI to investigate the possible embezzlement of funds over a long period of time by an unidentified former executive.
"Based on what we know at this time, we believe the stolen funds were taken from credit union assets and not from those of our members," Dennis J. Storemski, HPFCU board chair and Ayn Talley, president/CEO, wrote in the two-page letter. "We have seen no evidence that any member accounts were involved."
The Houston FBI, however, declined to acknowledge that an investigation is under way when contacted by CU Times on Friday.
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