Judge says Topsham embezzler must fully reimburse credit union

By Beth Brogan, Times Record
Posted April 05, 2012, at 1:19 p.m.

BRUNSWICK, Maine — A Topsham woman serving 33 months in federal prison for embezzling more than $500,000 from Atlantic Regional Federal Credit Union has been ordered to pay restitution of $468,317.

Although credit union officials agreed to accept $370,000 in restitution instead of the full amount, U.S. District Court Judge D. Brock Hornby on March 19 ruled that Marsha Richard of Topsham must immediately begin paying restitution to CUNA Mutual Group, the insurance provider for the credit union, according to court documents.

In September 2011, Richard pleaded guilty to felony theft from a credit union.

U.S. Attorney Thomas Delahanty II told the court that during the last six years of the approximately 23 years Richard worked at the credit union, she manipulated accounting entries regarding checks deposited by credit union members that were returned for insufficient funds. When the funds were collected, rather than crediting the account, Richard credited her own account or those of her daughter, husband and other family members.

Richard has repaid the credit union $50,000 and was scheduled to repay another $20,000 under terms of a civil settlement, her attorney Richard Regan said in March. In exchange, the credit union agreed to cap additional restitution at approximately $370,000.

However, statute requires that courts order 100 percent restitution.

While the official judgment requires that Richard repay $468,217.06, a note states that based on the civil settlement, if and when Richard pays back the $370,000, the credit union “intends to renounce its interest in any additional restitution and also intends not to assign its interest in restitution payments to the Crime Victims Fund.”

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http://bangordailynews.com/2012/04/05/news/midcoast/judge-says-topsham-embezzler-must-fully-reimburse-credit-union/ printed on September 23, 2014