The Dallas Morning News reported that Theresa Portillo,who embezzled $3.4 million from the failed $2 million Women'sSouthwest FCU, was sentenced Friday to 6 ½ years inprison after pleading guilty to the crime in January.
|The NCUA liquidated the Dallas-based credit union in November. Accordingto the FBI, Portillo sold 18 credit union-owned certificates toother institutions and pocketed the proceeds, using the cash to buynine properties in the Dallas area, a Mexican time share in CaboSan Lucas, jewelry, vehicles, vacations, and pay bills for herself,family members and friends.
|Portillo was also ordered by pay $3.4 million in restitution andagreed to forfeit the properties and jewelry she illegallyobtained.
|Women's Southwest FCU was one of several feminist credit unions that were chartered in the early 1970sto provide women with credit in an era when women could nottypically acquire a loan in their own names.
|The Dallas credit union was formed when local activists,attending a lecture by Gloria Steinem in 1973, asked the Ms.Magazine editor how they could assist in the women'smovement.
|“Start a credit union,” she said, according to the shutteredcredit union's website.
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