A former loan officer for MassMutual Federal Credit Union (Springfield, Mass.) who reportedly caused more than $900,000 in losses to his credit union has been barred from any future work in any federally insured depository institution, the credit union’s federal regulator said Thursday.
Brian Socha was employed as a loan officer at the credit union from February 2018 through November 2023. In a consent order, the National Credit Union Administration (NCUA) said that Socha during that time fraudulently accessed credit union systems 20 times to manipulate the credit limit and interest rate of his personal HELOC.
It says Socha was fired in November 2023.
The consent order was announced Thursday along with two notices of prohibition for the following:
- Raul Villareal, a former employee of MERCO Credit Union in Merced, Calif., who entered a conditional please of guilty in Merced County Superior Court, Calif., on one count of Attempted Grand Theft by Embezzlement, under California Penal Code §§ 664/487(b)(3).
- Ana Alicea, a former employee of Greater Alliance Federal Credit Union in Paramus, N.J., who entered a pretrial diversion program for the charge of Theft of Movable Property by Unlawful Taking valued between $500 – $74,999 (N.J.S.A 2C:20-3(a).
NCUA Issues Two Prohibition Orders and One Consent-Based Prohibition
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