Federal prosecutors alleged a Michigan woman ran a $145 million check kiting scheme that victimized the $137 million TruNorth Federal Credit Union in Ishpeming, Mich., and two banks.
Brooke Lynn Vernier allegedly wrote hundreds of checks that transferred or attempted to transfer approximately $145 million among TruNorth, formerly known as Ishpeming Community Federal Credit Union, as well as Peninsula Bank and River Valley Bank, according to court documents filed by prosecutors on July 1 in U.S. District Court in Kalamazoo, Mich.
Prosecutors alleged that from 2010 through September 2012, Vernier operated a circular check kiting scheme, which would artificially inflate the balances in accounts that she held at the credit union and banks.
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Court documents did not provide details about how Vernier managed to operate the check kiting scheme for as long as she did and for the amount of money she stole or attempted to steal.
Vernier has not yet been arraigned on the felony charge of conspiracy to defraud financial institutions and no court hearings have been scheduled yet.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
