Former CU Principal sentenced to 27 months in prison for embezzlement | Credit Union Times

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A former Tennessee credit union executive was sentenced Friday by a federal judge to 27 months in prison for theft, according to the U.S. Attorney’s Office for the Middle District of Tennessee. in Nashville.

U.S. District Court Judge Waverly D. Crenshaw Jr. also ordered Monica Jackson, former director of business and marketing at Lifeway Credit Union, to pay $242,156 in restitution, and to complete three years of probation after his probation. Jackson of Murfreesboro pleaded guilty to one count of aggravated robbery in December 2021.

Lifeway CU changed its name to Coin Credit Union ($44.2 million in assets, 2,004 members) in October, and moved its headquarters from Nashville to Brentwood.

In a letter to Judge Crenshaw, Jackson wrote:

“What is difficult for me to accept, even now, is the way to restore two parts of me – how I did something that was completely contrary to my values ​​and beliefs. I loved this credit union and devoted most of my life to it because I truly cared about the members and the team. I was very proud of the work we did and the help that was provided. We gave it to the people. Then there was another Monika, this one for 9 years took money and committed fraud and hide this from everyone. Not a single person in the world had any idea about this life I was living. I cheated on my husband, my family, and my friends. I did a lot of bad things by my actions.”

While Jackson also wrote that he was very sorry for his theft and was determined to repay the money, he was most ashamed of the pain he had caused to the individuals at the credit union and his family who trusted him, believe him. him, and support him.

“I want justice for your crimes against the credit union. I know I face punishment and hardship — and these are the consequences,” Jackson wrote. “I’m just begging, begging, the consequences are worse for my family who are also affected by this.”

Jackson, who joined the credit union in 2006, began his theft spree in October 2016, which continued until February 1, 2021.

The former manager admitted he stole $47,409 in cash from the credit union’s vault. He concealed the crime by placing small bills such as $1 inside stacks of large bills such as $20 or $50, so that each stack would appear to be full. large, according to court records.

Jackson also made unauthorized transfers of funds to him from an account in the names of JA and SB

JA was a former Lifeway employee who died in 2016. SB is JA’s son. However, when the employee died, JA’s pension continued to receive money.

Prosecutors say between May 2018 and December 2020, Jackson took $27,435 from her without SB’s knowledge or permission. The woman hid the kidnapping by giving false and fraudulent information about the transfer, by changing the money to accounts in the names of her family members, or by withdrawing cash. , does not reflect where the money is going. In addition, Jackson restricted access to JA’s account so that other Lifeway employees could not access that information, court documents show.

Jackson also admitted that he opened lines of credit in the names of some of his family members and increased the level of credit lines on those accounts, without obtaining the proper authorization and approval from the credit union. Jackson then took the interest against those lines of credit and transferred $167,312 to his own account or an account he controlled.

It covers theftJackson used the master password to “lock” one of the accounts he used so other credit union employees couldn’t see it, according to court records.

His prison sentence is scheduled to begin on April 28.

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