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Linda Susan Newcomb, former manager of the failed Lynrocten Federal Credit Union, was indicted Wednesday for embezzlement, bank fraud and aggravated identity theft charges, the U.S. Attorney’s office in Lynchburg, Va. said.

Newcomb, 62, of Madison Heights, was charged with one count of embezzlement, four counts of bank fraud and three counts of aggravated identity theft for her alleged involvement in a $10 million loan fraud scheme that led to the collapse of the of Lynchburg-based $13.8 million cooperative in May 2013.

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Peter Strozniak


Credit Union Times

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