Fmr. clinic credit union manager steals over $1 million

Fmr. clinic credit union manager steals over $1 million

NEW ORLEANS, LA (WVUE) - U.S. attorney Kenneth Polite announced that Jacqueline Ray, 60, of Biloxi, Mississippi pleaded guilty Friday to stealing over one million dollars from Ochsner Clinic Federal Credit Union.

A bill of information charged Ray with one count of stealing over $1 million in connection with bank larceny during her employment there.

According to the bill of information, Ray was employed by Ochsner Clinic Federal Credit Union as a credit manager and had been working for the credit union for nearly 30 years. From 2007 to 2013, Ray stole at least $1 million by creating about 149 fictitious loans on the books of OCFCU.

Investigators say Ray hid her fraudulent scheme by coding them in the data processing system so that no statement of the account would be generated. No loan documentation existed for any of the fictitious loans. Ray controlled the day-to-day operation of OCFCU.

Investigators say Ray would draw checks from the OCFCU and deposit them into accounts she controlled, or convert them to cash.

The justice department says ray also made false deposits into bank accounts to make it appear she had money in accounts she controlled, when she really did not. Ray would steal cash from the falsely inflated accounts.

Ray faces a possible maximum sentence of 10 years in prison, and/or a fine of $250,000 and up to three years of supervised release, as well as restitution for the money taken.

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