Nita Rae Nirschl, former president/CEO Parsons Pittsburg Credit Union, will spend the next five years in a federal prison for stealing more than $6 million from the merged $13.3 million Kansas cooperative.

In addition to her 40-month incarceration, U.S. District Judge J. Thomas Marten in Wichita, Kan., on Monday ordered Nirschl, 66, of Parsons, to pay restitution of $6.3 million to the NCUA, $1 million to CUMIS and $2.7 million to the IRS.

According to its 990-EZ form filed with the IRS for 2014 when it was merged, the credit union posted net assets of -$1,184,988.

Although initially charged with 81 felony counts, the former executive agreed to a plea deal with prosecutors last December to only three felony counts of embezzlement, money laundering and tax evasion.

Based on its policies, the court restricted public online access to court documents including a “statement of reasons” as to Nirschl's sentencing and an unidentified victim letter statement.

Federal prosecutors said Nirschl began embezzling from the credit union in November 2010. In addition to depositing stolen credit union funds into her personal accounts, she also withdrew money from ATMs at casinos at Missouri, Oklahoma, New Orleans and Lake Tahoe.

An FBI investigation was launched sometime after the NCUA made an unannounced examination on Jan. 14, 2014. On that day, Nirschl was questioned by an NCUA examiner about her gambling activities.

She told the examiner that during 2012, she and her husband had winnings and losses of $16 million. FBI investigators found Nirschl made more than $500,000 in ATM transactions, electronic check transactions, ATM point of sale transactions and cash withdrawals at two casinos in September 2013.

Although the former CEO admitted that she and her husband wagered millions at casinos and typically broke even, she denied that she gambled with credit union funds when questioned by examiners. Nirschl was fired during the NCUA examination.

Publicly available court documents did not reveal whether Nirschl concealed her fraud.

According to the plea agreement, Nirschl forfeited a $224,834 house, a 2013 Acura MDX, estimated to be worth about $17,000, according to Kelly Blue Book and $130,000 in cash. She also agreed to forfeit eight gold coins, 140 one-ounce silver coins, and a Prada handbag. The value of those items was not itemized in court documents.

After the credit union was placed into conservatorship in January 2014, it was merged into the $605 million Golden Plains Credit Union in Garden City, Kan. in March.