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Check-kiting scheme comes to light after a former credit union CEO is sentenced.

For Sandra K. Santay the Lakeside Federal Credit Union she led for 37 years eventually became the monetary resource of last resort, feeding her rapacious gambling addiction, leading to the 2015 liquidation of the Hammond, Ind.-based cooperative and landing the 73-year-old former executive in federal prison for more than two years.

On May 11, U.S. District Court Judge Philip P. Simon in Hammond sentenced Santay to 27 months in prison and ordered her to pay restitution of $491,169 after she admitted to stealing the funds from the credit union through a check-kiting scheme from 2012 to 2015. Paula Awe, Lakeside FCU’s assistant manager, is awaiting sentencing after she admitted to stealing $180,000 through her own contemporaneous check-kiting scheme.

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Peter Strozniak

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