Press Release
Contact:
JULIE ANN WOODS
ASSISTANT U.S. ATTORNEY
PHONE: (616) 456-2406
FORMER PLAINWELL CREDIT UNION MANAGER SENTENCED FOR EMBEZZLEMENT AND MONEY LAUNDERING
FRIDAY, APRIL 3, 2009 GRAND RAPIDS, Mich. - Ronald Tran, 45, of Plainwell, Michigan, was sentenced on April 3, 2009, by U.S. District Court Judge Robert Holmes Bell, to forty-six months’ incarceration and ordered to pay $997,675 in restitution, U.S. Attorney Donald A. Davis, Federal Bureau of Investigation Special Agent in Charge Andrew G. Arena, and Internal Revenue Service Special Agent in Charge Maurice M. Aouate announced today. The court revoked Tran’s bond and remanded him to the custody of the U.S. Marshals Service immediately following the sentencing hearing. Tran pled guilty in November 2008 to embezzlement from a credit union and money laundering.
According to court records, between 2000 and 2004, Tran, while the general manager of the Plainwell Community Federal Credit Union, defrauded the credit union of approximately $1.3 million. Tran caused loans to be issued based on false information concerning the income and assets of applicants for the loans from the credit union. Tran used his position to misapply funds of the credit union for his own use and took funds from the proceeds of fraudulent loans. Tran conducted financial transactions to conceal the true ownership of the funds and the underlying financial institution fraud and embezzlement by issuing additional fraudulent loans to make payments on previously issued fraudulent loans. Plainwell Community Federal Credit Union ceased to exist as an independent entity and was incorporated into Federal Community Credit Union following the discovery of Tran’s fraudulent conduct.
This case was investigated by special agents of FBI and IRS CID and was prosecuted by Assistant U.S. Attorney Julie Ann Woods.
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