The FBI is investigating whether an employee of the former Parsons-Pittsburg Credit Union embezzled $10 million and gambled it away at casinos in Oklahoma and Missouri, according to documents filed in U.S. District Court in Wichita, Kan.
The NCUA took over the $13.5 million, 1,470-member cooperative in Parsons, Kan., in January blaming unsafe and unsound practices. The federal regulator said the violations were uncovered by the Kansas Department of Credit Unions, which seized the credit union and handed it over to NCUA auditors.
In March, the $444 million Golden Plains Credit Union assumed the assets and operations of Parsons-Pittsburg CU, continuing to operate its two branches in southeastern Kansas. Golden Plains CU also retained five employees of PPCU.
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