William J. Memmer, a former assistant manager and treasurer at the failed G.I.C. Federal Credit Union in the Cleveland suburb of Euclid, Ohio, was charged Monday with embezzling almost $2 million and falsifying records, according to the U.S. Attorney's Office.
The NCUA liquidated the 3,476-member, $15.5 million cooperative on Dec. 13, 2012 after declaring it to be insolvent.
According to a material loss review released Dec. 2, 2013 by the NCUA's Office of Inspector General, the credit union's failure was caused by fraud and resulted in an estimated loss of $7 million to the share insurance fund.
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