Former Rapids Municipal Credit Union president accused of bank fraud, embezzlement
July 20, 2009
Total Loss:
$680,000
A 50-year-old Wisconsin Rapids man was arrested this morning by the Wood County Sheriff's Department and Federal Bureau of Investigation on charges that he took more than $600,000 from Rapids Municipal Credit Union members, while serving as credit union president. Authorities allege the embezzlement occurred from November of 1999 through October of last year. Rapids Municipal Credit Union is no longer in operation.
Source:
Wisconsin Rapids Tribune
Posted in:
Internal Fraud