Starting in May 2017, five months after she became president/CEO of a Pennsylvania credit union, Stacey Shaw opened credit cards issued by IBEW Local Union 712 FCU and allegedly made more than $2 million in charges and cash advances through March 2020, according to federal prosecutors.
Court documents filed by prosecutors in U.S. District Court in Pittsburgh on Monday charge Shaw with one felony count of embezzlement from a federal credit union and two felony counts of failing to file federal income tax returns.
Last May, the NCUA liquidated the $7.6 million IBEW Local Union 712 FCU in Beaver, Pa. that was chartered in 1964 and served nearly 3,000 members. The $24.9 million West Penn P&P Federal Credit Union, also of Beaver, immediately assumed IBEW Local Union 712’s assets, member shares and loans.
Federal prosecutors do not say in court documents how the embezzlement was exposed, how Shaw allegedly concealed the theft or how she allegedly spent the credit union’s funds.
Shaw has not been arraigned yet on the charges, and there is no lawyer representing Shaw listed on the federal docket.
Federal prosecutors are also charging Shaw for allegedly failing to file federal income tax returns on the cash advances she allegedly received from the credit cards that amounted to $589,222 in 2018 and $1,085,549 in 2019.
Court documents show that Shaw allegedly embezzled a total of $2,099,437.
In March 2020, the credit union posted a loss of $2.3 million, according to NCUA financial performance reports.