Stephen Shinnick, a former treasurer of Norwood (MA) School Employees FCU who pleaded guilty to stealing $307,919 from the institution, has been banned by the NCUA from participating in the affairs of a federally insured financial institution. Shinnick, who had also been vice principal of a local middle school., spent money from the credit union to pay his own bills, write himself checks and write checks to his children, according to documents obtained by the Norwood Transcript & Bulletin. He also issued fake loans to members who never applied for them and used the money to pay bills, according to the documents.
According to the newspaper, Shinnmick’s lawyer explained on April 1 when Shinnick pled guilty that his client stole money because of debts incurred as a result of a gambling addiction. Shinnick was ordered to repay the money to the credit union and sentenced to 2 ½ years in prison, of which he will have to serve six months, and five years probation.
Violations of prohibition orders are punishable by imprisonment and fines of up to $1 million.