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Home / Neighborhood / San Gabriel Valley / Pasadena Independent / Lakewood Woman Embezzled Hundreds of Thousands In Scheme Caused the Failure of Credit Union Sentenced to Prison

Lakewood Woman Embezzled Hundreds of Thousands In Scheme Caused the Failure of Credit Union Sentenced to Prison

by Terry Miller
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”Something For Everyone” is Pepsi’s slogan and apparently one Lakewood woman took Pepsi literally when she embezzled hundreds of thousands of dollars when she was running a tiny Pepsi Cola Federal credit union. The FBI Los Angeles said:
The Lakewood woman who pleaded guilty to a protracted embezzlement scheme which resulted in the failure of a credit union was sentenced today to 21 months in federal prison.
Wendy Wall, 50, was sentenced by United States District Judge James V. Selna, in Santa Ana, California. In addition to the prison term, Judge Selna ordered a four year term of supervised release, to include 12 months of home confinement, and ordered Wall to pay $480,273.77 in restitution.
Wall pleaded guilty to bank fraud on September 2, 2014, for engaging in the embezzlement scheme while employed at the Pepsi Cola Federal Credit Union.
Beginning in 1993 and continuing to February 2014, Wall was the manager and sole employee at the Pepsi Cola Federal Credit Union, a small financial institution in Orange County that served local Pepsi Bottling Company employees. While employed there, Wall operated an embezzlement scheme over a period of more than a decade by using her position to create fictitious bank accounts. Wall withdrew funds against those accounts by creating fictitious loans and by writing checks using the accounts. Wall then deposited the misappropriated funds into bank accounts belonging to Wall or her family members.
The scheme was discovered following an audit by the National Credit Union Association, whose personnel contacted the FBI to investigate further. Analysis indicates that the embezzlement scheme led to the eventual failure of the Pepsi Cola Federal Credit Union; however, members were indemnified against losses under an agreement with the National Credit Union Administration.
This investigation was conducted by the Federal Bureau of Investigation and prosecuted by the United States Attorney’s Office in Orange County.

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