Louisa Gabaldon, Bank Fraud, New Mexico 2013

Bank Fraud Scheme Unfolds in New Mexico

ALBUQUERQUE – A shocking tale of deceit and betrayal has come to light in New Mexico, as a former credit union employee pleads guilty to bank fraud charges.

Louisa Gabaldon, 43, of Belen, N.M., has admitted to engaging in an illegal scheme to defraud her employer, the Belen Railroad Employees Credit Union, from January 2004 through July 2010.

Gabaldon, who had loan approval permitting her to make withdrawals from customers' accounts, transferred funds among customers' accounts to conceal her fraudulent activity. She used the funds to pay for her own debts and make a partial payment for the purchase of a home.

According to the indictment, Gabaldon was charged with 12 counts of bank fraud, including the count to which she pleaded guilty – fraudulently withdrawing $31,000 from a customer's account on July 31, 2006.

As part of her plea agreement, Gabaldon must pay $118,376.56 in restitution to cover losses associated with all 12 counts in the indictment, as well as related losses suffered by the Credit Union.

Gabaldon, who remains on conditions of release pending her sentencing hearing, faces a maximum penalty of 30 years in prison.

This case was investigated by the Albuquerque office of the FBI and is being prosecuted by Assistant U.S. Attorney Sean J. Sullivan.

Source: https://www.justice.gov/usao-nm/pr/former-credit-union-employee-pleads-guilty-federal-bank-fraud-charge