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.
When Vernier was charged in July, court documents did not explain how the check kiting scheme worked.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
