Former Nor-Car FCU CEO Gets Three Years, Full Restitution
ALLENTOWN, Pa. -- Former President/CEO of Nor-Car Federal Credit Union Michael J. Symons was sentenced to 37 months in prison and must repay $1.8 million in a fraud scheme, a local press report said.
Symons, 67, had previously pleaded guilty to one count of credit union fraud and one count of filing false tax returns, The Morning Call of Allentown reported. He was arrested in January for directing credit union money to his companies, including a construction and a paving business operated out of his home. He also has to pay full restitution of the $1.8 million with his first payment of $100,000 due in 60 days.
The prosecution was seeking 53 months in prison while the defense said the money was just a loan. The 37-month sentence was the least allowed by sentencing guidelines though he noted this was clearly an instance of criminal conduct.
This missing money was just half of Nor-Car's problems; Betty Jean Barachie took $1.5 million from the credit union, which led to its demise in 2004.
Symons has 60 days to report to prison so he could testify in a related federal civil case against he and his wife who was a former branch manager of Nor-Car.