NCUA headquarters. Credit/NCUA
Desiree Canepa, a former employee of the $34.4 million Antioch Community Credit Union in Antioch, Calif., has been permanently banned from working at a federally insured financial institution, the NCUA said Friday.
The federal agency also announced the termination of its 2019 cease-and-desist order against the $865,737 Phi Beta Sigma Federal Credit Union in Washington, D.C.
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In May 2023, Canepa was convicted in Pittsburg Superior Criminal Court on three counts of grand theft over $950, two counts of elder or dependent adult theft, and one count of embezzlement. The NCUA said the crimes occurred during her employment at the Antioch credit union.
She was sentenced to one year in jail and two years of probation, according to court records. Details regarding restitution were not available online, and the NCUA’s prohibition order did not reference restitution.
The NCUA lifted the enforcement action against Phi Beta Sigma FCU after the institution fulfilled all stipulated requirements, which included developing Bank Secrecy Act procedures and training, conducting audits, verifying member accounts, documenting internal controls, and halting the issuance of new loans until credit committee members completed proper training.
Chartered in 1986, the credit union serves 1,472 members.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
