Jeffrey Serafin admits to role involving former Wilkes-Barre City Employees FCU manager, police officers and a contractor.
Five individuals have been banned from participating in the affairs of any federally insured financial institution, the NCUA said Nov. 26.
Former credit union executives among latest banned embezzlers.
The former assistant manager of the $40 million Wilkes-Barre City Employees Federal Credit Union and a police officer approached individuals to use their name to apply for loans, and then refinanced those loans or added debt to them without the individual's knowledge, according to federal indictments.
The former assistant manager and four members of the $40M Wilkes-Barre City Employees FCU plead not guilty to a straw loan scheme.
Two city police officers are among the members accused of defrauding the $40 million Wilkes-Barre City Employees FCU in Pennsylvania.
Authorities say Wilkes-Barre City Employees FCU Manager Jim Payne killed himself March 10, as the FBI opened up an investigation into the cooperative.
Credit union manager Jim Payne shoots himself on Monday. Law enforcement, regulators on scene Tuesday.