Margurite M. Cofell denied most of the allegations by the NCUA that she stole millions while she was the CEO of a the $51 million St, Francis Campus Credit Union in Little Falls, Minn., according to court documents her lawyers filed U.S. District Court in St. Paul on Monday.
However, Cofell acknowledged she drafted a written confession about how she carried out her embezzlement scheme.
An NCUA civil lawsuit alleged that the 60-year-old woman of Little Falls, Minn., embezzled $2.8 million over 15 years. However, Cofell allegedly began stealing from the credit union in the mid-1990s, which led to a total loss that likely exceeded $10 million, according to a forensic auditor's report filed with the lawsuit.
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