Teresa Paulo, Bank Loan & Identity Theft, Georgia 2023

VALDOSTA, Ga. – A former finance officer at Southern Pine Credit Union in Valdosta, Georgia, has been sentenced to five years in prison and ordered to pay back more than $1.2 million in restitution after admitting to a long-running bank loan and identity theft scheme.

Teresa Paulo, 63, of Valdosta, pleaded guilty to aggravated identity theft and bank fraud on November 2, 2023. She was sentenced to 24 months imprisonment for aggravated identity theft and 36 months imprisonment for bank fraud to be served consecutively for a total of 60 months in prison on September 12. In addition, Paulo was ordered to pay $1,238,638.29 in restitution to Southern Pine Credit Union.

Paulo, who served as the controller of Southern Pine Credit Union from October 2011 to June 2020, was accused of creating a share secured loan in another individual's name without their knowledge. She would then pay off the loan and rebook it multiple times with additional advances, taking the proceeds for personal spending.

“Financial fraud has a far-reaching ripple effect that negatively impacts people, businesses, and the community,” said U.S. Attorney Peter D. Leary. “We take financial crimes seriously, and we will work alongside our law enforcement partners to hold fraudsters accountable.”

The investigation into Paulo's scheme was conducted by the FBI and the Federal Deposit Insurance Corporation, Office of Inspector General. “These sentencings are the direct result of a diligent investigation by hardworking FBI employees and our partners at the Federal Deposit Insurance Corporation, Office of Inspector General,” said Rich Bilson, Supervisory Senior Resident Agent of FBI Atlanta’s Valdosta office.

The case against Paulo is a reminder that financial crimes can have severe consequences. “The criminal behavior in these cases represent the most egregious betrayal of trust by two of this institution’s leaders, resulting in years of ill-gotten gains for the defendants, all while violating the faith that SPCU’s members placed in them,” said Kyle A. Myles, Special Agent in Charge of the Federal Deposit Insurance Corporation, Office of Inspector General, Atlanta Region.

Teresa Paulo is currently serving her sentence at a federal prison. She is not eligible for parole.

Source: https://www.justice.gov/usao-mdga/pr/former-southern-pine-credit-union-finance-officer-sentenced-prison