Former NJCUL President Indicted for Embezzlement, Faces Jail if Convicted
TRENTON, N.J. - Former president/CEO of the New Jersey Credit Union League, Thomas Shaughnessy, was indicted Sept. 2, on a charge of "theft by deception." According to officials from the Mercer County prosecutor's office, Shaughnessy is accused of embezzling about $275,000 between March 2002 and September 2004 from NJCUL. Shaughnessy was fired from his leadership position at the League in October 2004. The organization has since undergone an independent audit and filed a bond claim with its insurance company, CUNA Mutual Group. Shaughnessy will be scheduled for a court appearance in about a month. He is facing a possible sentence of 10 years in prison if he's convicted of the charges. NJCUL spokesperson Sharon Dilling said the League "was not prepared to comment at this time" on policies or procedures the organization has implemented or is considering implementing to prevent a similar situation from happening again.