Credit union’s ex-manager charged with embezzlement

Over a period of 25 years, the former manager of a credit union in Toledo, Ohio, conducted an embezzlement scheme in which she stole approximately $2.1 million from the financial institution.

According to Michigan Attorney General Bill Schuette, Sharon Broadway was the sole employee of the United Catholic Credit Union (UCCU) and served as its manager, secretary and board member. Since 1985, Broadway was writing multiple unauthorized checks from the credit union's accounts to herself and several aliases she had created. She then cashed the checks and used the funds to pay for personal items.

The UCCU, which was created in 1961, had more than 200 members that belonged to Catholic parishes in the area, reports the Toledo Blade. However, when Broadway's theft was discovered by an AP audit and the Office of Financial and Insurance Regulation, the financial losses for the organization were so large that the UCCU was forced to close.

Broadway is facing charges of financial institution embezzlement and racketeering and she could serve up to 20 years in prison, states the Attorney General's office.

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