A former credit union lending manager pleaded guilty in U.S. District Court in Hartford, Conn., May 12 for embezzling more than $840,000 from the $220 million 360 Federal Credit Union in Windsor Locks.
Pamela Mallory, 42, of Enfeld, opened five different HELOCs in the name of a credit union member from 2009 to 2016. She increased the credit limit of those HELOCs on at least 15 occasions without knowledge or consent, according to federal prosecutors.
Initially, Mallory perpetrated the scheme by opening subsequent HELOCs to pay off earlier, smaller HELOCs. Later, rather than opening new HELOCs, she increased the credit limits on two of the fraudulent HELOCs to support her spending.
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