Federal Prosecutors allege credit union CEO embezzled $2M
ACG, 23 March 2021
In May 2017, five months after Stacey Shaw became president and CEO of the International Brotherhood of Electrical Workers Local Union 712 Federal Credit Union in Beaver, Pennsylvania, she opened credit cards issued by the union. Federal prosecutors allege she made more than $2 million in charges and cash advances through March 2020, according to a report in the Pittsburgh Post-Gazette.
Court documents filed by prosecutors in U.S. District Court in Pittsburgh charged Shaw with one felony count of embezzlement from a federal credit union and two felony counts of failing to file federal income tax returns.
The Electrical Workers Local Union 712 Federal Credit Union was chartered in 1964 and serves nearly 3,000 members. West Penn P&P Federal Credit Union, also of Beaver, immediately assumed IBEW Local Union 712’s assets, member shares and loans.
Federal prosecutors didn’t say in the court documents filed how the embezzlement was exposed, how Shaw allegedly concealed the theft or how she allegedly spent the credit union’s funds. Shaw has not been arraigned yet on the charges, and there was no lawyer representing Shaw listed on the federal docket.
Federal prosecutors also charged Shaw for allegedly failing to file federal income tax returns on the cash advances that she allegedly received from the credit cards that amounted to $589,222 in 2018 and $1,085,549 in 2019.
