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ORANGE COUNTY CREDIT UNION PRESIDENT SENTENCED TO FEDERAL PRISON
BEAUMONT, Texas – The former President of the Orange County Employees Federal Credit Union was sentenced to federal prison for money laundering in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Sandra H. Cooper, 56, of Orange, Texas, pleaded guilty on Feb. 28, 2011, to money laundering and was sentenced to 63 months in federal prison today by U.S. District Judge Marcia Crone. Cooper was also ordered to pay restitution in the amount of $1,178,340.00.
According to information presented in court, Cooper, the President and Treasurer of the Orange County Employees Federal Credit Union, embezzled approximately $1,164,340 of credit union funds over a four and half year period. Cooper was indicted by a federal grand jury on Dec. 1, 2010.
The credit union, which had just two employees, was housed in the administration building adjacent to the Orange County courthouse. The deposits of the credit union customers were insured by the National Credit Union Administration Board, a federal agency similar to the Federal Deposit Insurance Corporation, which determined in June, 2010, that the credit union was insolvent and arranged a transfer of customer accounts to the Sabine Federal Credit Union.
Cooper must surrender to the U.S. Marshals Service on July 8, 2011.
This case is being investigated by the Criminal Investigations Division, Internal Revenue Service and prosecuted by Assistant U.S. Attorney Robert L. Rawls.
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