It took federal investigators nearly four years to catch up to aformer president/CEO who pleaded guilty Wednesday to 17 years ofbank fraud that led to a loss of more than $466,000 at a Texascredit union.
|Susan Margaret Garza, 60, admitted in a U.S.District Court in Galveston that she made unauthorized withdrawalsfrom member accounts and made unauthorized loans in the name ofmembers from February 1996 to April 2013 at the Electrical Workers527 Federal Credit Union in Texas City.
|In the credit union's last Call Report for 2013's first quarter,EW572 posted $622,857 in assets and a critically undercapitalizednet worth of -36%. The credit union also posted a net loss of$295,221.
|The NCUA announced EW572's liquidation in May 2013. The creditunion served 572 members, according to its Call Report.
|A March 2017 indictment originally charged Garza with fourfelony counts of bank fraud, two counts of theft and misapplicationand three counts of making false entries.
|In the indictment, federal prosecutors said Garza used thestolen funds that benefitted her and others. She also manipulatedthe credit union's records to hide the fraud from auditors andexaminers.
|In exchange for her guilty plea to one count of bank fraud,prosecutors dropped the other nine felony charges.
|Garza of Galveston was banned by the NCUA in July 2016.
|She is scheduled to be sentenced in October and faces up to 30years in prison.
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