LANSING, Mich. - Michigan Attorney General Bill Schuette said Thursday that a Toledo woman who allegedly pocketed approximately $2.1 million from the United Catholic Credit Union (UCCU) in Michigan has been charged with Bank Embezzlement and Racketeering.
Both are 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.
"Michigan families deserve to know that their money is safe when they make deposits into licensed financial institutions," said Schuette. "Our office will continue to work with OFIR to ensure that criminals attempting to manipulate the system are brought to justice."
Sharon Broadway, 61, is charged with embezzling approximately $2.1 million from UCCU, which is in Temperance, since 1985. It is alleged that as manager, secretary, board member and sole employee of UCCU, Broadway was able to keep her crimes hidden for years using a complex money laundering scheme involving multiple aliases and forged checks. 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.
Broadway was arraigned on November 15, 2012 on one count of Financial Institution Embezzlement, a 20-year felony, and one count of Racketeering, also a 20-year felony, before Chief Judge Jack Vitale in Monroe County's 1st District Court. Broadway was released on a $10,000 personal recognizance bond. Broadway waived her right to a preliminary exam and is next due in court for an Arraignment on the Information in 38th Circuit Court on Dec. 7, 2012.