The $18.3 million Northern Piedmont Federal Credit Union in Warrenton, Va. will be the first to receive restitution payments over the NCUA's restitution claim stemming from the Lynrocten Federal Credit Union $11.7 million fraud case, a federal judge ruled last week.
Last month, 64-year-old Linda Sue Newcomb, the former president/CEO of the failed Lynrocten FCU, was sentenced to 10 years in federal prison by U.S. District Judge Norman K. Moon in Lynchburg, Va.
She pleaded guilty 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 Lynchburg, Va.-based cooperative.
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