Prison sentence for former credit union employee. (Image: Dan Henson/Shutterstock)
A former loan officer and assistant manager for the $28.1 million Valex Federal Credit Union in Pineville, La., was sentenced to 21 months in prison, U.S. Attorney David C. Joseph said Thursday.
U.S. District Judge Dee D. Drell in Alexandria, La., also ordered Cynthia J. Feazell, 49, of Montgomery, La., to pay $221,426 in restitution. The 19-year credit union employee agreed to plead guilty to one felony count of bank fraud in September.
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In 2015, federal prosecutors said Feazell decided she wanted to buy a mobile home but knew she would not qualify for a credit union loan because she was already paying for three auto loans.
To make it appear that she had a lower debt-to-income ratio to help her qualify for the loan, Feazell transferred the vehicle loans to her mother's name.
But before she transferred those loans to her mother, Feazell also approved a $38,000 auto loan, a $37,000 equipment loan, a $35,795 boat loan and a second boat loan for $38,000 for her ex-husband.
She also knew he did not meet Valex's credit requirements, federal prosecutors said.
Feazell falsified documents to secure the loans.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
