Lakewood’s William J. Memmer, 63, was handed a seven-year prison sentence and ordered to pay $7 million in restitution after being caught embezzling over $1.8 million from the Euclid Credit Union.
Memmer, who pleaded guilty earlier this year to embezzlement and making false entries in credit union records, used the stolen funds to pay off his personal credit card debts. The U.S. Attorney for the Northern District of Ohio, Steven M. Dettelbach, called Memmer’s actions a betrayal of trust, noting that he took advantage of his position as Assistant Manager/Treasurer at GIC Federal Credit Union.
According to investigators, Memmer had been maintaining about 15 credit card accounts since 2006 and drafted blank checks payable to these companies. His fraudulent activities were discovered when the National Credit Union Administration closed GIC and began liquidation procedures.
Dettelbach emphasized that this lengthy sentence reflects the magnitude of Memmer’s embezzlement, while FBI Special Agent in Charge Stephen D. Anthony assured citizens that the FBI will continue its efforts to protect investments from such greedy fraudsters.
Memmer falsified quarterly financial reports and GIC asset confirmations, causing additional losses. Assistant U.S. Attorney James V. Moroney is prosecuting the case, which was investigated by agents of the FBI’s Cleveland Office.
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Key Facts
- State: Ohio
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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