Lisa Hauptman, the former president/CEO of the $18.7 million Oil Country Federal Credit Union, will be sentenced in June after admitting to embezzling more than $47,000 from the Titusville, Pa.-based cooperative.
Hauptman, 47, pleaded guilty to one count of embezzlement of credit union funds in U.S. District Court in Erie, Pa. last week.
According to court records, Hauptman embezzled the funds between November 2011 and May 2015.
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The Associated Press reported Assistant U.S. Attorney Christian Trabold said Hauptman used cash advances to steal the money from the credit union and made fictitious deposits. She also reportedly opened one account in the name of her deceased mother.
The AP also reported that Trabold described the credit union's paper-based system as "somewhat antiquated."
Wade Brink, current president/CEO of Oil Country FCU, declined to comment on the case when reached Wednesday by CU Times.
However, Brink said that the credit union does not operate on an antiquated paper-based system and runs on an electronic system, including online banking, for its 3,414 members.
Trabold was unavailable for comment on Wednesday.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
