Michigan Attorney General Bill Schuette today announced a Toledo woman who was accused of pocketing approximately $2.1 million from the United Catholic Credit Union (UCCU) in Temperance, Michigan, has pleaded guilty as charged to one count each of Financial Institution Embezzlement and Racketeering, both felonies punishable by up to 20 years in prison.
Schuette charged Broadway after a routine examination by the Office of Financial and Insurance Regulation (OFIR) revealed that a substantial amount of certificates of deposit (CD’s) went un-recorded on the credit union’s books. "Whenever a Michigan family makes a deposit into their accredited financial institution, they should not have to worry about the safety of their hard-earned money or that their assets are being used for personal gain," said Schuette. "Our office will continue to work closely with OFIR to bring to criminals to justice when they
unfairly manipulate the system."
As manager, secretary, board member and sole employee of UCCU, Broadway was able to conceal her crimes for years using a complex money laundering scheme involving forged checks and multiple aliases. According to the charges, Broadway used the embezzled money as her personal funds. OFIR closed UCCU in August 2012 and appointed the National Credit Union Administration (NCUA) as receiver. The NCUA insures credit union deposits much the same way the Federal Deposit Insurance Corporation (FDIC) insures bank deposits, therefore no UCCU depositors lost money. On December 4, 2012, OFIR issued a formal prohibition order that prevents Broadway from working in the Michigan chartered credit union industry in the future.
Broadway pleaded guilty to one count of Financial Institution Embezzlement, a 20-year felony, and one count of Racketeering, also a 20-year felony, before Judge Michael A. Weipert in Monroe County’s 38th Circuit Court. Broadway will be sentenced by Judge Weipert on January 17, 2013 at 9:00AM.