NCUA Bans Former CEO & Branch Manager
Sherry Ann Allen is sentenced for embezzling $1.2 million and Jihan Michelle Davis faces charges for stealing $52,000.
The NCUA Friday banned a former president/CEO and a former branch manager from ever participating in the affairs of a federally insured financial institution.
The NCUA banned Sherry Ann Allen who was sentenced in 2018 to four years in prison for stealing more than $1.2 million from the $49.7 million Greater Eastern Credit Union in Johnson City, Tenn. The former president/CEO of GECU was also ordered to pay $1,237,547 in restitution and to serve three years of supervised released after completing her prison term.
Allen stole the credit union’s funds by using a hidden transaction feature, knowing no one reviewed hidden transactions, enabling her to move large sums of money into and out of accounts she controlled over seven years.
Jihan Michelle Davis, a former branch manager at the $15.4 million Lexington Avenue Federal Credit Union in Rochester, N.Y., was banned by the independent federal agency for allegedly stealing nearly $52,000 from the branch’s vault, according to a federal criminal complaint filed in U.S. District Court earlier this month.
Although Davis was arraigned on the charge of theft, embezzlement or misapplication by a bank officer or employee, she did not enter a plea. Criminal proceedings are pending.