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A new civil lawsuit claimed a $5.4 million embezzlement led to the 21-month conservatorship of the $42.2 million Southern Pine Credit Union in Valdosta, Ga.
The alleged embezzlement was detailed in court documents filed by the credit union on June 7 in federal court that said Southwest Marine and General Insurance Co. declined to pay a $5,471,518 verified proof-of-loss claim stemming from an alleged 17-year internal theft scheme by former President/CEO Leah Lehman and former Controller Teresa Paulo, according to court documents.
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