Credit Union CEO Gets 18 Months
MANHATTAN (CN) - The former head of a Rockland County credit union was sentenced Thursday to 18 months in federal prison for defrauding the bank of $150,000. Cynthia Vaughan, 54, pleaded guilty in May.
Vaughan became manager of the Rockland Employees Federal Credit Union, in Spring Valley, in 1997 and later was promoted to CEO. She used its computer system to transfer money from the credit union's accounts to her own, and used corporate credit cards to buy herself airline tickets, hotel reservations, a cruise and "substantial amounts of clothing and beauty items," the U.S. Attorney's Office said in announcing the sentence.
"Finally, Vaughan forged the signature of the credit union's treasurer on two letters purporting to grant her a raise and used one of those letters to increase her salary by thousands of letters," prosecutors said in the statement.