Credit Union Embezzler Gets Five Years

     BEAUMONT, Texas (CN) – The former president of a federal credit union that stood next door to a county courthouse was sentenced on Friday to 5 years and 3 months in federal prison. Sandra H. Cooper, 56, of Orange, Texas, also was ordered to pay $1,178,340 in restitution.

     Cooper, former president and treasurer of the Orange County Employees Federal Credit Union, pleaded guilty in February to money laundering.
     Prosecutors said Cooper embezzled $1,164,340 from the credit union over 4½ years. She was indicted by a federal grand jury on Dec. 1, 2010.
     The credit union, which had two employees, was in the administration building next to the Orange County Courthouse.
     Its deposits were insured by the National Credit Union Administration Board, a federal agency similar to the Federal Deposit Insurance Corporation. The NCUAB determined in June 2010 that the credit union was insolvent and arranged a transfer of customer accounts to the Sabine Federal Credit Union.
     U.S. District Judge Marcia Crone ordered Cooper to report to the U.S. Marshals Service on July 8.

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