Former NJCUL President Sentenced; Pleads Guilty to Embezzlement

HIGHTSTOWN, N.J. – Thomas Shaughnessy, former president/CEO of the New Jersey Credit Union League was sentenced April 21, after pleading guilty to embezzling nearly $300,000 from the league. The 44-year old Shaughnessy was sentenced to five years probation and ordered to make full restitution. In addition, he was fined $7,500 and ordered to perform 300 hours of community service. NJCUL Chairman Rina Pantano, president/CEO of NJ Gateway FCU, said in a statement that the league “gave Mr. Shaughnessy a prestigious, responsible position. In return, we rightfully expected his strong leadership, fostering the continued growth of our organization. Instead, only two months into his employment with us, Mr. Shaughnessy began embezzling.” Pantano said she and the members of the league are “relieved this chapter in our organization’s history can come to a close. Mr. Shaughnessy will never perpetrate his deceitful sham on another unsuspecting organization,” she added, and those of us who represent the state’s credit union movement will continue the business of serving and helping our members. Shaughnessy was initially hired by NJCUL in 2002 as controller, and was later promoted to CEO. He was terminated in 2004. “Mr. Shaughnessy was a very well-paid employee, putting him in a position of trust and deeming it unnecessary to check his every step,” Pantano told the judge. “Therefore we find it all the more inexcusable and reprehensible that this man would take advantage of our association and embezzle hundreds of thousands of our nonprofit dollars for his own personal gain.” – [email protected]