ALLENTOWN, Pa. — Former President/CEO of Nor-Car Federal Credit Union Michael J. Symons was sentenced to 37 months in prison and must repay $1.8 million in a fraud scheme, a local press report said.
Symons, 67, had previously pleaded guilty to one count of credit union fraud and one count of filing false tax returns, The Morning Call of Allentown reported. He was arrested in January for directing credit union money to his companies, including a construction and a paving business operated out of his home. He also has to pay full restitution of the $1.8 million with his first payment of $100,000 due in 60 days.
The prosecution was seeking 53 months in prison while the defense said the money was just a loan. The 37-month sentence was the least allowed by sentencing guidelines though he noted this was clearly an instance of criminal conduct.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
