"Fraud in credit unions is prevalent...Implementing an efficient, non-threatening and anonymous reporting mechanism is one of the best corporate governance procedures that should be implemented by all credit unions." -- Michael Sacher, CPA

Incidences of Fraud Happen Every Day

 

  • "Head teller steels $400,000 in ATM fraud. Hid defalcation by falsifying accounting records..."
  • "A credit union Financial Advisor stole $1million in fraudulent withdrawals from 11 accounts Arrest warrant issued"
  • "$135,000 stolen by CU employee from ATM machines…Employee falsified accounting reconciliations"
  • "Branch manager creates $135,000 in fraudulent loans. Employee opened up phony accounts"
  • "CEO found guilty of embezzling over $70 million (yes, seventy million) by establishing over 1,000 phony loans"
  • "CEO stole over $140,000 by creating phony vendors and paying fraudulent invoices"
  • "CEO President embezzles $50,000 to pay for divorce settlement..."
  • "Business services manager paid $1million in kickback from fraudulent loans..."
  • "Manager of single-employee credit union steals $130,000 from member accounts over a 24-year period."
  • "Employee stole $85,000 through a check kiting scheme."
  • "Gambling addiction said to be the cause in $147,000 credit union embezzlement. The employee had 15 years of service and worked in a variety of responsible positions at the credit union."

PROTECT MY CREDIT UNION

The goal of PMYCU.Com is to provide an effective, efficient and anonymous method for credit union employees to report suspicious activity, ethical violations and other internal control concerns. Employees can report their concerns via the internet or by phone. Once a confidential report is submitted, we will notify the designated credit union representative.  Industry expert Michael Sacher will be available to provide advice and recommendations for responding to the reported issues.

 

 

 

 

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