Tallahassee, FL – 18 December 2018 – An 11-year employee and Director of Lending at Florida State University Credit Union has been fired after an investigation revealed he embezzled $825,000 from members’ accounts.
FSU Credit Union announced that lending director Kevin Lee, 33, was fired amid a criminal investigation into internal theft over a three-year period.
The credit union says they launched an internal investigation into Lee after learning of a member account discrepancy. During the investigation, they found that 24 accounts were affected by the theft.
The union then notified the Florida Department of Law Enforcement about the theft.
In the end, an investigation revealed the lending director misused his position to divert approximately $825,000 in funds for his personal use. The credit union says he was fired immediately after the discovery.
Lee, who has worked with FSU Credit Union for more than 11 years, openly admitted to the theft when he met with credit union officials.
The credit union says it has since restored the affected accounts and reached out to those account holders. Officials note the credit union has private insurance coverage to protect members from loss due to criminal activity.
“Our overarching mission and priority is to maximize our members’ financial well-being and ensure the protection of every dollar in their accounts,” said Bradley Blake, president and CEO of FSU Credit Union. “We will not let this egregious act by one individual deter us from our commitment to remain a trusted and safe place for members to conduct their financial business, as we have been for more than 60 years.”
The union’s executive vice president Charles Adcock says the credit union is continuing its investigation through a thorough forensic audit conducted by an independent national auditing firm. They are also working on strategies to prevent these types of incidents in the future.
Officials say FDLE’s investigation is ongoing and the credit union has notified state and federal banking authorities. They expect that Lee will be arrested, though no charges have been filed.
The credit union, which has served the community since 1954, has nine locations in the region with total assets of $214.5 million. Its locations are staffed by more than 80 employees that serve members in Bay, Calhoun, Franklin, Gadsden, Gulf, Jackson, Leon, Liberty, Taylor, and Wakulla counties.
“Over the years, hundreds of Florida State University Credit Union employees have provided trustworthy service to thousands of individual members to meet a wide range of financial needs,” said Blake. “We are dedicated to maintaining that trust of our members for many years to come.”
Officials note that although the credit union works with entities associated with Florida State University, it is an entirely separate entity from the university.
Source: WTXL
Facebook Comments