A former CEO and her assistant received federal prison sentences last month for running an $18 million Ponzi scheme out of a Texas credit union by selling non-member share certificates to at least 10 credit unions across the nation.
Maria Guadalupe Hernandez, 59, former president/CEO of the shuttered $5 million El Paso Federal Credit Union was sentenced to 15 and a half years on Sept. 21 by U.S. District Court Judge Philip R. Martinez in El Paso. On September 29, Hilda Simental Mendoza, 53, the former assistant manager for EPFCU, was sentenced to 10 years.
Judge Martinez also ordered the women to pay restitution of $18,376,542 to the NCUA.
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