NCUA Bans Former CU Manager & CUSO Employee
Gwendolyn Dubose steals nearly 78% of a credit union’s assets.
A former manager of a Cleveland credit union and a former employee of a New York-based CUSO insurance company were banned from participating in the affairs of any federally insured financial institution, the NCUA said Friday.
In September 2018, Gwendolyn Dubose, former manager and treasurer of the Greater Abyssinia Federal Credit Union, was sentenced to five years and three months in federal prison for stealing $321,497, which was nearly 78% of the credit union’s total assets of $412,775. A U.S. District Court judge in Cleveland also ordered Dubose to three years of supervised release following her prison term and to pay $321,497 in restitution.
Carolyn LaFreniere, a former employee of SIS Insurance and Financial Services, LLC, in Latham, N.Y., pleaded guilty to the charge of petit larceny, or petty larceny, a minor misdemeanor for theft of property or services of under $1,000. LaFreniere was ordered to pay a $100 fine. SIS Insurance and Financial Services LLC is a wholly owned CUSO of the $661 million Sunmark Federal Credit Union in Latham, N.Y., according to the NCUA.