Sherrie Rivera, a former chief operating officer for the $78.6 million Peoples Credit Union, will be sentenced in October after pleading guilty Monday in a Florida federal court for stealing $385,000 from accounts at the Pembroke Pines, Fla.-based cooperative.

While working at the credit union from 2009 to 2014, Rivera had the ability to access accounts and authorize fee reversals and transactions. Over five years, she stole $385,000 from PCU accounts using different means, according to federal prosecutors.

In 2011, a member's account received a series of tax refunds in different names from the filing of fraudulent tax returns. The U.S. Department of Treasury requested reclamation of these refunds from the credit union.

In one instance, for example, the account received a tax refund totaling $4,900, and on June 1, 2011, Rivera caused a $4,900 check to be written from the account to the U.S. Department of Treasury.

According to court documents, Rivera signed the check, but instead of sending it back to the federal offices, she told a teller to cash the check and Rivera kept the funds for her personal use.

Federal prosecutors said the former COO admitted in an interview to her involvement in this theft of government funds. She pleaded guilty to one count of theft of government money.

Though the 53-year-old Rivera was no longer working at the Florida cooperative by 2014, the felony charge against her was not filed by federal investigators until six weeks ago on June 10, according to court records.

Rivera faces a prison sentence of up to 10 years.

However, federal prosecutors are expected to recommend a reduced sentence to a federal judge if Rivera accepts personal responsibility for her actions, fully cooperates with federal authorities, and meets other conditions specified in a plea agreement.

Jeffrey T. Miller, president/CEO of Peoples CU, did not return a call seeking comment Wednesday.

Instant Insights /

Credit Union COO Pleads Guilty to Theft

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