Former president of Charlotte credit union faces fraud, embezzlement charges

A former president and chief executive officer of a Charlotte credit union was indicted on Friday for allegedly defrauding the company of more than $375,000.

According to the U.S. Attorney's Office, Saundra Torrence, 61, was the president and chief executive officer of First Legacy Community Credit Union from 1985 to 2012. The credit union is headquartered in Charlotte.

In 2010, FLCCU reportedly received $1,000,000 "to make investments in certain financial institutions that provided credit and financial services to under-served populations and communities," the indictment alleged.

The indictment claimed that Torrence "abused her position" by making false entries in the books and records of the credit union, and misapplied and stole funds from the credit union.

She also reportedly used the identity of at least "one third party victim" to obtain a loan from the credit union. The indictment claimed that Torrence "falsified documentation and circumvented FLCCU policies and reporting requirements."

She approved payments to herself and others without authorization, including compensation for unused sick leave, the indictment claimed.

The indictment stated that the compensation was not reported as a taxable income.

She was charged with 13 counts of theft and embezzlement from a financial institution, 19 counts of making or causing false entries and fraudulent participation.

This story was originally published April 20, 2018 at 3:18 PM with the headline "Former president of Charlotte credit union faces fraud, embezzlement charges."