Kathryn Sue Simmerman, the former manager of the $16.3 million Shoreline Federal Credit Union, admitted in U.S. District Court in Grand Rapids, Mich. July 29 that she stole nearly $2 million over 13 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 reporting requirements.
Although the former manager of the Norton Shores, Mich.-based cooperative faces up to 30 years in prison, Simmerman is expected to receive a reduced sentence if she complies with all conditions in the plea deal filed in federal court.
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