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Former CU CEO & Teller Plead Guilty to $1 Million Embezzlement Scam

The nine-year scam involves fake deposits and fake letters to the NCUA.

A nine-year fraud scheme leads to two guilty pleas for former CU employees.

A former credit union president/CEO and a former employee admitted they embezzled more than $1 million that led to the closure of a Hawaiian credit union and a loss of more than $2 million to NCUA’s insurance fund.

Allennie Naeole, the former president/CEO of the $3.1 million First Hawaiian Homes Federal Credit Union in Hoolehua, on the island of Molokai, pleaded guilty to conspiracy to embezzle credit union funds and aggravated identity theft, according to a plea agreement filed in U.S. District Court in Honolulu in February. Janell Purdy, who worked as a customer service representative and teller, pleaded guilty to one count of conspiracy to embezzle credit union funds.

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Peter Strozniak

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