Former CU CEO facing alleged embezzlement charges. Source: Shutterstock.

While greed and personal enrichment have motivated many credit union executives convicted of embezzlement, Joan “Joni” Brown stole more than $1 million to keep her management company and the six credit unions it served afloat.

U.S. District Court Judge Joshua Wolson in Philadelphia sentenced Brown, 80, of Bristol, Pa., last week to three years and eight months in prison, and five years of supervised release. She also was ordered to pay $1,016,900 in restitution. Brown is scheduled to begin her prison sentence in July.

Originally indicted on six felony counts of embezzlement, 11 felony counts of making false entries in credit union reports and five counts of aggravated identity theft, Brown pleaded guilty in September 2020 to the embezzlement and making false entry charges, while prosecutors agreed to drop the aggravated identity theft charges.

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