- Associated Press - Thursday, December 22, 2016

ERIE, Pa. (AP) - A former Pennsylvania credit union executive faces up to three decades in prison after acknowledging she stole more than $740,000 by making bogus loans and deposits and withdrawing funds from member accounts without permission.

Karen Schenck pleaded guilty in an Erie federal court on Tuesday to embezzlement of credit union funds.

Schenck was fired in August 2015 from her position as CEO of the Corry Area Schools Federal Credit Union.

Authorities say the 50-year-old Bear Lake woman embezzled money from the credit union between January 2008 and August 2015. They say she spent it on herself or used it to hide “out of balance conditions in various general ledger accounts.”

Her sentencing is scheduled for late April. Her lawyer declined to comment until then.


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