Embezzlement of Winslow AZ credit union

from abc15.com

PHOENIX — Federal prosecutors say a routine audit of a Winslow credit union triggered an investigation that has resulted in a Gilbert woman being sentenced to 26 months in prison for embezzling over $2.2 million from the financial institution.

I wouldn’t be surprised if theres a line at Winslow Santa Fe credit union members wanting out after learning of this.

Could soneone explain why they didn’t catch this sooner?

The accounts are probably insured. Depositors were not affected.

They should review who serves on the board and what steps are being taken to prevent future issues.

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Could soneone explain why they didn’t catch this sooner?

It doesn’t say the timeframe over which this happened in the article, so I don’t know how they would have caught it sooner. It did say that it was caught in a routine audit. Credit Unions have annual audits, and so it seems that it was caught in that. Can’t tell from the info I was able to find, but it looks like it happened over the course of a year, and so the audit would be the natural way to have found it, and since it did find the embezzlement, the audit did exactly what it was supposed to.

Do you have info that gives more details?

Embezzlement often means false documents are created to hide the theft. They can look normal and be overlooked. But a more careful audit can find them.

You wonder if every audit is thorough or do they merely spot check some records each year.

Ie what is the value of the inventory reported to be in the warehouse? Is it empty? Is it filled with actual product? Or are they empty boxes? Or unsalable product that failed quality tests. Etc.

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I wonder if she was driving a flatbed Ford. If so…damn…sure wish I was standing on the corner when when she drove by.

Winslow also happened to be the jump-off stop for train crews, where they had to end their work day and turn the train over to a new rested crew. Maybe it still is.