Financial Aid Director Sentenced to Federal Prison
Orlando, FL - U.S. Attorney Robert E. O'Neill announces that U.S. District Judge Charlene Edwards Honeywell today sentenced Velvet Lynn Sacco to a year and a day in federal prison for embezzling student loan checks. The court ordered Sacco to pay $92,702.98 in restitution. Sacco pled guilty on November 18, 2011.
According to court documents, Sacco was the director of financial aid at Everglades University (EU) in Altamonte Springs, when she stole more than $88,000 in student loan checks between October 2009 and March 2011. Officials at the university first learned of the theft after a student complained about not receiving a student loan check. After internal and external audits, EU officials learned that that Sacco's fraud scheme involved more than 50 students and 77 student loan checks. Each student who was affected by Sacco’s theft was reimbursed, with interested, by EU.
This case was investigated by the Department of Education's Office of Inspector General. It was prosecuted by Assistant United States Attorney Tanya Davis Wilson.