EAST HAVEN, Conn. — A former credit union CEO was sentenced to one day in prison for fraud.
James Farrell, 55, the former CEO of New Haven County Credit Union, was also given two years of supervised release and 50 hours of community service for defrauding the New Haven County Credit Union.
According to prosecutors, Farrell was CEO from 1992 to June 2015 prior to being retained by the credit union's board to provide assistance to the new CEO until March 2016.
As CUToday.info earlier reported here, Farrell pleaded guilty to diverting several-hundred-thousand dollars of his CU’s money to a restaurant where he also worked as a bookkeeper.
Prosecutors stated that while CEO of the $20.1-million New Haven County Credit Union, he also provided financial and bookkeeping services to The Rib House in East Haven, Conn., and over a period of several years, when The Rib House was experiencing financial difficulties, Farrell fraudulently transferred more than $600,000 from the credit union to the restaurant. Of that, he replaced approximately $370,000, and since that time has paid full restitution.