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Press Release

Olean Woman Pleads Guilty To Stealing Funds Which Resulted In Closing Of Credit Union

For Immediate Release
U.S. Attorney's Office, Western District of New York

CONTACT:      Barbara Burns
PHONE:         (716) 843-5817
FAX:            (716) 551-3051

BUFFALO, N.Y. - Acting U.S. Attorney James P. Kennedy, Jr. announced that Norma Gold, 57, of Eldred, PA, pleaded guilty to false entries in federal credit union reports before U.S. District Judge Richard J. Arcara. The charge carries a maximum sentence of 30 years in prison, and a fine of $1,000,000.

Assistant U.S. Attorney Marie P. Grisanti, who is handling the case, stated that Gold was an employee of the Olean Tile Employees Federal Credit Union (OTEFCU) for approximately 26 years between 1986 and December 2012. For the last 20 years, Gold served as office manager and was responsible for keeping accurate financial records on behalf of the Credit Union. 

Between December 2007, and December 2012, Gold embezzled funds and made false entries in OTEFCU’s general ledger and altered financial statements, making it appear that the OTEFCU’s account balances were larger than they actually were. In order to conceal her theft, Gold altered the true balances of the Credit Union accounts maintained by outside banks and financial institutions, which held the vast majority of the Credit Union funds. This conduct caused substantial hardship to the OTEFCU and substantially jeopardized its safety and soundness, in that the OTEFCU was forced to close as a result of the theft. The OTEFCU suffered a total loss of $179,939.21. 

The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Adam S. Cohen; the National Credit Union Administration; the U.S. Secret Service, under the direction of Special Agent-in-Charge Lewis Robinson; and the Olean Police Department, under the direction Chief Jeffrey Rowley.  

Sentencing is scheduled for December 21, 2017, at 12:30 p.m. before Judge Arcara.

Updated September 25, 2017