The former president/CEO of an Ohio credit union pleaded guilty Wednesday in U.S. District Court in Pittsburgh to stealing more than $230,000.
On July 5, 2014, the board of directors of the $42 million Toledo Metro Federal Credit Union told their former president/CEO Charles Robert Poore they wanted to ask him about numerous suspicious transactions on his corporate credit card. The next day, Poore resigned and was never seen again at the Toledo, Ohio-based cooperative.
Federal agents, however, found Poore in Pittsburgh and arrested him in October on a felony charge of credit union theft.
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A TMFCU internal investigation revealed from December 2011 through May 2014, the credit union paid a total of $269,593 to Visa for transactions Poore made on his corporate credit card. Most of those transactions primarily paid for office equipment and supplies, according to a federal affidavit filed in U.S. District Court in Pittsburgh.
However, TMFCU's investigation could only account for approximately 15% of the items purchased and was unable to account for $233,933 in transactions made by Poore.
According to the affidavit, Poore purchased items through his wife's Amazon account from a third-party vendor and then sold the items to TMFCU using his corporate credit card at a significantly inflated cost and profit.
Poore will be sentenced Aug. 4.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
