OLEAN, Penn.–The former manager of a now-defunct credit union has been sentenced to 30 months in prison for stealing funds.
Norma Gold, 57, who formerly led Olean Tile Employees FCU, was also ordered to pay $179,939 in restitution.
According to the U.S. Attorney's office, Gold worked for OTEFCU for approximately 26 years, from 1986 and December 2012. During the latter portion of her career Gold was named manager and between 2007 and 2012 embezzled funds and made false entries into the credit union’s general ledger, and also altered financial statements to cover the missing funds. As a result of her theft, the credit union was forced to close as a result of the financial burden it placed on the company, prosecutors said.
The credit union, which had just $778,139 in assets, was liquidated in 2012 after 76 years of existence.