Sharon Broadway stole from the United Catholic Credit Union for a long time, and she willspend a long time in prison for it.
|The 62-year-old Toledo, Ohio woman was sentenced Jan. 17 to 10to 240 months for embezzling $2.1 million since 1985 from theTemperance, Mich., credit union, which collapsed in the wake of thecrime.
|Monroe County Circuit Judge Michael A. Weipert in Monroe, Mich.,also sentenced Broadway to concurrently serve 45 months to 240months for racketeering and ordered her to pay $2.5 million inrestitution to NCUA.
|As manager, secretary, board member and sole employee of the$300,000 UCCU, Broadway was able to conceal her crimes for yearsusing a complex money laundering scheme involving forged checks andmultiple aliases, according to Michigan Attorney General BillSchuette.
|Broadway used the embezzled funds for her personal use,authorities said.
|But after she was taken into custody immediately after hersentencing, her lawyer, Lorin Zaner, said it's unlikely hisclient will be able to make full restitution. He said Broadwayhad found another job but not yet started the position, reportedthe ToledoBlade.com.
|Broadway spent some of the money on others, he told thenewspaper website. “There really is nothing to show for it. Shedidn't live an extravagant life,” Zaner said.
|Broadway's fraud was uncovered after a routine examination bythe Michigan Office of Financial and Insurance Regulation revealedthat a substantial amount of certificates of deposit wentun-recorded in the credit union's financial records.
|OFIR closed UCCU in August and appointed NCUA as thereceiver. FIR issued a prohibition order that preventsBroadway from working in the Michigan-chartered credit unionindustry in the future.
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