Guilty Plea Reveals Cause of Women's Southwest FCU Failure
Theresa “Teri” Portillo, former manager of the shuttered $2 million Women's Southwest FCU, pled guilty Dec. 18 to embezzlement charges in U.S. District Court in Dallas.
The NCUA seized the last of the feminist-chartered credit unions in October 2012.
Portillo admitted to stealing $3.4 million from the Dallas-based credit union over a period of 11 years, from 2001 to 2012.
According to court documents, she sold 18 credit union-owned certificates to other institutions and pocketed the proceeds, using the cash to buy real estate, jewelry and a Mexican time share in Cabo San Lucas.
Portillo, who according to a SEG website was pursuing a master’s degree in criminal justice, faces a maximum 30 years in prison and $1 million fine, plus restitution.