Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.