The former CEO of the shuttered Border Lodge Credit Union of Derby Line, Vt., is scheduled tobe arraigned Thursday to face embezzlement charges at U.S. DistrictCourt in Burlington, according to court documents.
|Debra Kinney was indicted June 6 by a federal grand jury thatsaid she did “willfully embezzle, purloin and misapply moneys andfunds” while she worked at the credit union from November 2010 toDecember 2012. The indictment, however, does not specify the amountof funds that were allegedly stolen.
|On Nov. 30, the Vermont Department of Financial Regulationclosed the $3.1 million Border Lodge and appointed the NCUA as theliquidating agent. On that same day, federal investigators executeda search warrant and confiscated boxes of documents, includingfinancial records, receipts, bank statements, invoices and otherdocuments.
|They also removed two metal filing cabinets, a desktop andlaptop computer and a thumb drive, according to courtdocuments.
|The decision to liquidate the credit union, Vermont authoritiessaid, was to conserve the assets and protect the interests of the1,097 members.
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