HOUSTON—The FBI is investigating a former Houston Police Credit Union executive for allegedly embezzling money from the $592-million CU.
In a letter sent to members, the CU states that the crime appears to have been committed over a long period of time, and includes multiple potential fraud instances. The credit union did not disclose the employee’s name.
HPCU stated that there is no evidence any member accounts were involved. An internal audit uncovered the scheme.
The CU stated that the former executive is believed to have acted alone, allegedly creating a highly sophisticated system that skirted the redundant internal controls that are in place.
"We are very proud they caught that with an internal audit and have no concerns about our funds that are there. We left all of our funds there and know that it is very solid," Ray Hunt, president of the Houston Police Officer’s Union, told Click2Houston.com.
According to a letter from the credit union’s PR firm, HPCU is reviewing its policies and procedures to improve security measures.