Crystal Ferreira, Embezzlement, Rhode Island 2023

PROVIDENCE, R.I. – A brazen heist of epic proportions has shaken the financial community in Rhode Island. Crystal Ferreira, 27, of Fall River, Mass., has pleaded guilty to embezzling more than $437,000 from a Columbus Credit Union branch office in East Providence, where she was employed as a supervisor.

The embezzlement, which began in May 2012, saw Ferreira taking large sums of money from the credit union’s vault, ATM, and cash shipments delivered to the credit union. According to information presented to the court, Ferreira admitted to taking $10,000 from the vault and replacing it with money from the ATM, and later took another $10,000. On several occasions, she placed as much bundled cash as she could in shopping bags, which she later removed from the credit union.

In a shocking twist, Ferreira initially told police that she embezzled the funds in response to a demand for cash being made to her by two men who threatened her, her co-workers, and their families. However, she later recanted the story, revealing that the threats were fabricated. The credit union audit determined that Ferreira embezzled $437,250.

Ferreira faces up to 30 years in federal prison when she is sentenced in January. At the time of her guilty plea, she admitted to the court that she had been embezzling funds since May 2012. The case was investigated by the East Providence Police, with the assistance of the FBI.

United States Attorney Peter F. Neronha, East Providence Police Chief Joseph H. Tavares, and Vincent B. Lisi, Special Agent in Charge of the Boston field office of the FBI, announced the guilty plea. Ferreira is scheduled to be sentenced by U.S. District Court Judge John J. McConnell, Jr. on January 9, 2014.

At sentencing, Ferreira faces statutory penalties of up to 30 years in federal prison to be followed by up to 5 years supervised release and a fine of up to $1,000,000. The case is being prosecuted by Assistant U.S. Attorney John P. McAdams and Special Assistant U.S. Attorney Benjamin S. Towbin.

This case highlights the importance of accountability in the financial sector. As a credit union supervisor, Ferreira was entrusted with the responsibility of managing the credit union’s resources, but she chose to abuse that trust for her own gain. Her actions have consequences, and she will face the full force of the law.

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