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United States Attorney's Office News Release

 

January 9, 2007 - United States Attorney Pat Meehan today announced the filing of an information* against Michael J. Symons, the former President and Chief Executive Officer of the Northampton-Carbon County Federal Credit Union (“Nor-Car”), charging that Symons unlawfully misapplied approximately $1.8 million in Nor-Car funds between 1998 and October 2003.

Nor-Car, which had offices in Easton and Lehighton, Pennsylvania, was insured by the National Credit Union Administration (“NCUA”). The information charges that Symons, who had an ownership and/or financial interest in a construction and paving business that operated under the names PAN Construction Company, PAN Companies, Inc., and Arcadia Group, Inc., fraudulently transferred approximately $1.7 million in Nor-Car funds to these companies by various means.

Symons also fraudulently converted to his own use Nor-Car funds totaling approximately $84,455, which he used to pay personal expenses and for other improper purposes, and did not repay this money to Nor-Car. Symons concealed this fraudulent activity by creating false entries, or failing to record the activity, in Nor-Car’s books, and by falsifying the reconciliations of Nor-Car’s account so that it appeared that the account was balanced when it was not. Nor-Car was liquidated by the NCUA in September 2004 due to insolvency.

“As the information alleges, the defendant abused the trust of more than 8,000 members of that credit union,” said Meehan. “He used his position to deceive and ultimately to serve his own interests.”

If convicted the defendant faces a maximum possible sentence of 33 years imprisonment, 3years of supervised release, a $1.1 million fine, and a $200 special assessment.


DEFENDANT

ADDRESS


AGE [Date of Birth]
Michael J. Symons
Lehighton, PA
66 years old

The case was investigated by the FBI and IRS CID and has been assigned to Assistant United States Attorney Bernadette McKeon.


UNITED STATES ATTORNEY'S OFFICE
EASTERN DISTRICT, PENNSYLVANIA
Suite 1250, 615 Chestnut Street
Philadelphia, PA 19106
Contact:
RICH MANIERI
Media Contact
215.861.8525

*An Indictment or Information is an accusation. A defendant is presumed innocent unless and until proven guilty.

Benjamin Franklin Photo by B. Krist for the Greater Philadelphia Tourism Marketing Corporation