Carol Ann Ferraro, a former executive vice president at the $102 million Chaffey Federal Credit Union, will spend two and half years in federal prison for embezzling $968,000 from the Upland, Calif., credit union for more than six years.

She was sentenced Monday by Judge Virginia A. Phillips in U.S. District Court in Los Angeles. Phillips also ordered Ferraro to pay $1 million in restitution and placed her on a five-year term of supervised released after she serves her prison term.


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Peter Strozniak


Credit Union Times

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