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Ex-credit union CEO faces prison for stealing $740,000

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ERIE, Pa. (AP) — A former Pennsylvania credit union executive faces a likely federal prison sentence for stealing more than $740,000 by making bogus loans and deposits and withdrawing funds from member accounts without permission.

Karen Schenck pleaded guilty in December before a federal judge in Erie to embezzling credit union funds.

Court documents filed before Friday’s sentencing indicate she faces a likely sentence of between 33 and 41 months in prison.

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.”

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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