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Former credit union manager Linda Sue Newcomb pleaded guilty Friday to embezzlement, bank fraud and aggravated identity theft charges in a $10 million loan fraud scheme that led to the May 2013 collapse of the $13.8 million Lynrocten Federal Credit Union in Lynchburg, Va.

Newcomb, who will be sentenced May 26, could face seven to 12 years in federal prison, according to her plea agreement. She also will be required to forfeit four properties, including 14 acres on the James River, a $75,000 retirement account and GMC Sierra truck.

Peter Westerman

Credit Union Times

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