A New Jersey woman was sentenced last week to nine years in federal prison after confessing to a loan scheme that bilked $1.6 million from five credit unions and a bank, authorities said.
The case follows on the heels of similar schemes in Maryland and Alabama, which have prompted industry experts to issue advice urging credit unions to exercise due diligence to mitigate fraud risk when opening accounts for new businesses.
In the latest case, Katrina Taniesha Waters, 33, of Williamstown, N.J., pleaded guilty in a Philadelphia courtroom to 83 counts, including identity theft, bank fraud, making false statements on loan applications and filing false tax returns, according to the U.S. Attorney's Office.
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