A New Jersey woman was sentenced last week to nine years in federal prison after confessing to a loan scheme that bilked $1.6 million from five credit unions and a bank, authorities said.
The case follows on the heels of similar schemes in Maryland and Alabama, which have prompted industry experts to issue advice urging credit unions to exercise due diligence to mitigate fraud risk when opening accounts for new businesses.
In the latest case, Katrina Taniesha Waters, 33, of Williamstown, N.J., pleaded guilty in a Philadelphia courtroom to 83 counts, including identity theft, bank fraud, making false statements on loan applications and filing false tax returns, according to the U.S. Attorney's Office.
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:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 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.
