David Saks: Tennessee Woman Embezzled More Than $370,000 from Local Credit Union

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Tennessee Woman Embezzled More Than $370,000 from Local Credit Union

Cookeville Resident Pleads Guilty to

Embezzlement


Woman Embezzled More Than $370,000 from

Local Credit Union

U.S. Attorney’s Office September 22, 2014
  • Middle District of Tennessee (615) 736-5151

Latisha Cochran, 36, of Cookeville, Tenn.,

pleaded guilty today in U.S. District Court, to one count of credit union embezzlement, announced David Rivera, United States Attorney for the Middle District of Tennessee.

In a hearing before U.S. District Court Chief Judge William J. Haynes, Cochran admitted issuing fraudulent loans in the names of fictitious individuals, while employed by the Middle Tennessee Federal Credit Union. Cochran admitted that she used the funds from the fraudulent loans for her own personal use, and also used fraudulent credit cards associated with the loans to make personal purchases.

Cochran also admitted taking actions to conceal her embezzlement, including opening accounts in fictitious names, using fictitious addresses, fabricating loan documentation, conducting transactions outside of normal business hours, making loan payments using embezzled funds, and shredding loan files.

Cochran acknowledged to the Court that she embezzled more than $370,000, and agreed to make full restitution to the Middle Tennessee Federal Credit Union.

Cochran is scheduled to be sentenced by Judge Haynes on December 12, 2014. She faces up to 30 years in prison and a fine of up to $1,000,000.

The case was investigated by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney William F. Abely.

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Comment balloon 2 commentsDavid Saks • September 25 2014 09:07PM

Comments

And the stupidity never stops does it???

We had a borrower give us a FED tax return showing 100k in income and when we ran the 4506T it showed 3800 in income... mmmmmmm  wonder how that happened????
FRAUD MAYBE?

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) over 5 years ago

Sounds like he could have set up a shell company for phony verification of income as well, i.e, the owner of a used car lot, but he really worked at a car wash, David. You should have prosecuted that bastard for fraudulent misrepresentation during the loan process if the bogus nature of his application allowed it.

Posted by David Saks ((retired)) over 5 years ago

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