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The NCUA decided to create a new security office after a cache of high-powered weapons and ammunition were found in this credit union office building in Cleveland.

Credit Union Times reported approximately 35 fraud cases this year and about 75% of them were committed by credit union employees, namely CEOs, managers, loan officers and tellers.

In most of these insider fraud schemes, the money embezzled amounted to tens of thousands or hundreds of thousands of dollars. In a few of the fraud cases, however, millions of dollars were stolen, and in some cases, the theft occurred over several years or decades.

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Peter Strozniak


Credit Union Times

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