Not guilty plea entered by former credit union CEO.

The defense lawyer who is representing a former credit union CEO is scratching his head over why it took federal prosecutors almost six years to file embezzlement and other felony charges against his client.

Saundra Torrence, a long-time president/CEO of the $32 million First Legacy Community Credit Union in Charlotte, N.C., pleaded not guilty in U.S. District Court last week to 13 felony counts of theft and embezzlement, 19 felony counts of making false entries, and one felony count of fraudulent participation. Each felony count carries a maximum penalty of 30 years in prison, a $1 million fine, or both.

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