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VENTURA, Calif. — Ventura County Credit Union is assisting local police in investigating an apparent embezzlement case at the $418 million institution. In a prepared statement, VCCU President & CEO Carol Harris confirmed that the primary suspect was a former employee of the credit union, but that person has not been arrested or charged with a crime at this point. Although money was stolen, Harris said funds were not taken from member accounts, and no member information was compromised. Vice President of Marketing and Business Development Elizabeth Carr spoke to the Credit Union Times about the case, saying the credit union can’t say much at this point, because police are still conducting their investigation. Carr did say that credit union management first discovered the missing funds in September. She also stated that the former employee suspected of embezzlement did not hold a management position. Carr asserted that the credit union had all the proper policies and procedures in place at the time of the theft. “As you know, this kind of crime is on the rise, and like most financial institutions, efforts to reexamine and improve internal controls are constant. It is unfortunate that a very determined individual circumvented our policies, and in response, we are doubling our efforts to examine our processes and internal controls,” Carr said.

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