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Shawn Nelson, Bank Embezzlement, Texas 2013
A Houston man has been accused of swindling over $340,000 from his former employer, a local credit union, in a brazen bank embezzlement scheme.
According to the indictment, Shawn Nelson, 39, allegedly opened signature loan accounts in his friends’ and family members’ names without their authorization and subsequently withdrew money from those accounts. The scheme ran from 2001 through 2009, with Nelson withdrawing more than $340,000 before the fraud was discovered.
Nelson, a former vice-president of lending at Members Choice Credit Union, was arrested on Friday, March 22, 2013, and made his initial appearance the following Monday. He was arraigned today by U.S. Magistrate Judge Frances Stacy and was permitted release pending further criminal proceedings.
The indictment alleges that Nelson’s actions were a clear abuse of his position of trust, and that he had no qualms about stealing from his friends and family members. The U.S. Secret Service conducted the investigation, and Assistant United States Attorney Sharad S. Khandelwal is leading the prosecution.
If convicted, Nelson faces up to 30 years in prison as well as a possible $1 million fine for each of the 12 counts against him. The U.S. government is also seeking forfeiture of approximately $340,000.
An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law. Nelson’s case will now go before a jury, where he will have the opportunity to defend himself against the charges.
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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