NCUA official seal. (Source: NCUA)
A former president/CEO and an ex-business development manager were banned from participating in the affairs of any federally insured financial institution, the NCUA said Thursday.
Krista Stephanie Putnam was the former president/CEO of the $3.3 million Grays Harbor Woodworkers Federal Credit Union in Aberdeen, Wash. She stole more than $350,000 and burned bank documents to conceal her theft during an NCUA examination in March 2016. Nearly two years later, she was sentenced to 14 months in prison after pleading guilty to five first-degree theft charges. One count of second-degree arson was dropped. She was ordered to pay $335,758 in restitution. GH Woodworkers FCU was merged into the $164 million Great NorthWest Federal Credit Union in Aberdeen in January 2017.
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Kevin M. Biederman, a former business development manager for the $1.1 billion Philadelphia Federal Credit Union, was sentenced to just one day in prison in September for his role in helping Pennsylvania public officials, including an elected judge, launder money. A federal judge ordered the former credit union employee to serve 30 months of supervised release and pay a $2,000 fine and a $200 special assessment. Biederman pleaded guilty to conspiracy to commit money laundering and bank bribery in March 2018. Other felony charges against him were dropped. The former credit union employee solicited and accepted a bribe of $1,600 to influence PFCU approval for a loan, according to court documents.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
