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Credit Union Loan Officer’s Fraudulent Scheme Exposed
A former loan officer at Valex Federal Credit Union in Rapides Parish has pleaded guilty to authorizing nearly a quarter of a million dollars in fraudulent loans, causing significant loss to her credit union employer.
Cynthia J. Feazell, 48, of Montgomery, Louisiana, pleaded guilty before U.S. District Judge Dee D. Drell to the charges. According to the guilty plea, Feazell worked as a loan officer and assistant manager at Valex from 1997 to 2016.
The defendant’s scheme involved obtaining loan funds from Valex in 2015 to purchase a mobile home. However, she did not qualify for the loan, so she transferred three vehicle loans taken out in her name to her mother’s name in order to qualify for the loan.
Feazell also authorized loans for her ex-husband, even though she knew he did not meet the Valex credit requirements. She falsified documents to accomplish the scheme and was aware her actions were fraudulent. The defendant’s fraudulent acts caused Valex a loss of $243,167.95.
Feazell faces 30 years in prison, five years of supervised release, restitution, and a $1 million fine. The court set the sentencing date for December 17, 2019. The FBI conducted the investigation, and Assistant U.S. Attorney Kelly P. Uebinger is prosecuting the case.
Key Facts
- State: Louisiana
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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