Snyder questioned why it took federal prosecutors nearly six years to file an indictment, which was filed against Torrence on April 19.

“We have a forensic accountant that will be reviewing all of the entries, and we believe the facts bear out differently than what the indictment bears out,” he said.

According to the indictment, Torrence, who is now 61 and lives in Charlotte, approved the payment of compensation to herself and others without authorization and contrary to the credit union's policies. This included compensation for unused sick leave, compensation for the sale of GAP insurance in connection with car loans, and other uncategorized compensation. The indictment also charges that much of this compensation was not reported as taxable income, which caused underreporting and underpayment of federal and state income and/or employment taxes.

What's more, Torrence allegedly obtained a loan from FLCCU in the name of at least one third-party victim. She allegedly falsified documents and circumvented the credit union's policies and reporting requirements to secure the loan. According to the indictment, Torrence improperly transferred funds between and among various third party accounts at the credit union and her own accounts. On certain occasions, she also improperly transferred the proceeds of loans given by FLCCU to third parties into her own accounts.

FLCCU received $1 million as part of a program under the U.S. Department of Treasury's Troubled Asset Relief Program (TARP) in the fall of 2010, but federal prosecutors do not say whether any of the TARP funds were embezzled. The indictment notes, however, that for the credit union to receive the TARP funds Torrance acknowledged in writing not to use the federal money to pay for any executive bonus, retention award or incentive compensation.

The TARP funds were to be use to provide financial services to underserved persons and communities. According to the indictment, the credit union did pay back the $1 million until September 2015.

The credit union's 990 forms filed with the IRS, shows that Torrence received compensation of $140,875 in 2009, $131,482 in 2010, $137,311 in 2011 and $102,937 in 2012.

At the end of 2012, the credit union posted a net income loss of $5.4 million and a net income loss of $424,176 in 2013, according to NCUA financial performance reports. Although FLCCU rebounded in 2014 with a net income gain of $1.3 million and $432,760 in 2015, the credit union recorded a net income loss of $342,464 in 2016 and a net income loss of $1.2 million by December 2017, NCUA financial reports show.