A former Ark City Teachers Credit Union employee who allegedly embezzled some $1.024 million from the Arkansas City, Ark., institution is barred from any future involvement in the affairs of a federally insured depository institution under a consent order announced Monday by the federal credit union regulatory agency.
In the order signed by the agency Feb. 11, the National Credit Union Administration (NCUA) said it found that Judith Shimanek, while employed by the credit union, without authorization, willfully embezzled approximately $1.024 million by creating fictitious deposits to her own account and accounts owned by her family members. It said she repeatedly advanced due dates on multiple loans, in effect concealing their delinquent status, and caused the credit union to lose more than $490,000.
The order said Shimanek’s actions “involve personal dishonesty” and “demonstrate her unfitness to serve as an institution-affiliated party of any insured credit union.”