The NCUA on Thursday issued prohibition orders to two formersmall credit union managers who looted their institutions to thepoint of failure.
|Cindy Dechant, the former manager and sole employee of theshuttered $270,000 Associated Blind of Oklahoma/Texas FederalCredit Union in Oklahoma City, pleaded guilty to the charge of bankfraud.
|Dechant was sentenced to 42 months in prison, three years ofsupervised release, and ordered to pay restitution in the amount of$194,297.94. ABOTFCU merged into the $2.9 billion Tinker FederalCredit Union in February 2009.
|Theresa Portillo, the former manager and sole employee of theshuttered $3 million Women's Southwest FCU of Dallas consented to the issuance of aprohibition order to avoid the time, cost and expense ofadministrative litigation.
|Portillo pled guilty Dec. 18 to embezzlement charges, admitting shestole $3.4 million from the credit union over an 11-year period.According to court documents, she sold 18 credit union-ownedcertificates to other institutions and pocketed the proceeds, usingthe cash to buy real estate, jewelry and a Mexican time share inCabo San Lucas.
|The two are permanently barred from participating in the affairsof any federally insured financial institution.
|NCUA enforcement orders are available online at http://go.usa.gov/4ReQ and for inspection at the NCUA's Officeof General Counsel between 9 a.m. and 4 p.m. Monday throughFriday.
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