Former Credit Union President Goes to Prison
Friday, Apr 3, 2009 @06:10pm CDT
The former president of what used to be the TxDOT Credit Union left federal court today in handcuffs and shackles. Joanna McGee is headed for federal prison for embezzlement. Today, a federal judge sentenced Joanna McGee to nearly six years in prison and restitution of more than two and a half million dollars. She told the judge that she let down the people who hired her to do her job, as well as her family and friends.
McGee pleaded guilty in November to creating about 130 fake loans over about seven years, and then stealing the money for herself, her family, and friends. Prosecutors say she embezzled more than three million dollars. The judge said the sentence reflects the seriousness of McGee's crime. He told her, "Essentially, you crashed an entire credit union." The former chairman of the credit union’s board had this to say:
"We're disappointed that we don't have our credit union anymore - it was over 50 years old - but other than that, we just would rather not comment on it” (Ann Harper).
McGee said the whole thing started when she caught her friend, who was the teller -- Mandi Shook -- embezzling. You'll remember that shook pleaded guilty to embezzlement last month. McGee says she couldn't bear to see Shook go to jail. So, instead, McGee covered up Shook's crime -- and then she herself started embezzling. The prosecutor says McGee used the names of existing and deceased credit union members to get fake loans -- and therefore put the other people's credit ratings at risk. The judge said McGee took advantage of a lack of oversight at the facility. He says this sentence should send a message to anyone else who is trusted with handling other people’s money.
|