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A Michigan credit union lost $1.8 million in a $145 million circular check kiting scheme that involved two other Michigan banks, according to court documents.

Brooke Lynn Vernier, also known as Brooke Ferns, pleaded guilty to conspiracy to commit bank fraud Aug. 5. She admitted to writing hundreds of checks that transferred or attempted to transfer approximately $145 million among seven bank accounts at the $138 million TruNorth Federal Credit Union, formerly known as Ishpeming Community Federal Credit Union, Peninsula Bank and River Valley Bank, according to court documents filed by prosecutors in U.S. District Court in Kalamazoo, Mich.

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Peter Strozniak


Credit Union Times

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