Former Federal Credit Union President Sentenced to More than Four Years in Prison for Embezzlement and Failing to File Taxes
PITTSBURGH, PA - An Ohio resident has been sentenced in federal court to 51 months of imprisonment, followed by three years of supervised release, which includes 12 months of home detention, on her conviction of embezzlement from a federal credit union and willful failure to file tax returns, United States Attorney Cindy K. Chung announced today.
United States District Judge Marilyn J. Horan imposed the sentence on Stacey Shaw, 48, of Salem, Ohio, 44460.
According to information presented to the court, Shaw was the President and CEO of the International Brotherhood of Electrical Workers, Local Union 712, Federal Credit Union when she opened six unauthorized credit cards in her name. After opening the credit cards, Shaw, without authorization, repeatedly raised the credit limits on the cards over the course of approximately three years. When Shaw’s conduct was ultimately discovered, she had accumulated a total outstanding balance of approximately $2.1 million on the credit cards. The loss to the credit union, which had been in existence since 1964, was so profound that it had to be permanently closed and liquidated.
Assistant United States Attorney Lee J. Karl prosecuted this case on behalf of the government.
United States Attorney Chung commended the Federal Bureau of Investigation and Internal Revenue Service, Criminal Investigation for the investigation leading to the successful prosecution of Shaw.