ENTERPRISE, Ala.–A former loan officer at IAM Community Federal Credit Union has been given a 30-month sentence for theft from a financial institution.
In addition to the sentence, the judge also ordered the ex-loan officer, Jennifer Arnette, to repay about $1.5 million in restitution and serve three years’ probation after she is released from prison.
Arnette had earlier pleaded guilty to charges that she manipulated 64 automobile loans by listing options that never existed on the vehicles, leaving IAM with insufficient collateral against those vehicles. Arnette also confessed to manipulating credit scores in order to be able to approve the loans.
In addition, she pleaded guilty to illegally transferring about $9,300 from a deceased person’s credit union member’s account to her personal account, and further used her position as an officer and employee of the credit union to unlawfully withdraw and misapply approximately $80,000 in funds from the lAM cash account.
Arnette was the manager of IAM FCU’s branch in Enterprise, Ala.