Kathryn Sue Simmerman, the former manager of the $16.3 millionShoreline Federal Credit Union, admitted in U.S. District Court inGrand Rapids, Mich. Wednesday that she stole nearly $2 million over13 years by taking cash from the vault and concealing it in her purse.
In a plea deal, Simmerman agreed to plead guilty to embezzlement and structuring transactions to evade reportingrequirements.
Although the former manager of the Norton Shores, Mich.-basedcooperative faces up to 30 years in prison, Simmerman is expectedto receive a reduced sentence if she complies with all conditionsin the plea deal filed in federal court Wednesday.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
