Former Credit Union Employee Pleads to Embezzlement

BOSTON—An Adams woman and former credit union employee was convicted today of embezzlement and making false entries into the books of the credit union.

Patricia Piscioneri, 67, pleaded guilty before U.S. District Judge Michael A. Ponsor to a 30-count indictment charging her with embezzlement of funds by a credit union employee and false entries.

While employed as the manager of the former Adams Municipal Employees Federal Credit Union (AMEFCU), Piscioneri embezzled credit union funds by creating fraudulent loan accounts in the names of credit union members and depositing the proceeds of these fraudulent loans into her own account(s), her husband’s account(s), or other family members’ account(s), or used the proceeds to pay off previously obtained fraudulent loans. In an attempt to avoid detection, Piscioneri created fraudulent loan documentation, such as loan applications and promissory notes, and forged signatures on the fraudulent loan documentation. Additionally, Piscioneri created false entries in the AMEFCU accounting system and advanced the payment due dates of the fraudulent loans.

Sentencing is scheduled for April 25, 2013. Piscioneri faces up to 30 years in prison, to be followed by five years of supervised release, and a $1 million fine.

United States Attorney Carmen M. Ortiz and Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation Boston Field Division, made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Michelle L. Dineen Jerrett of Ortiz’s Health Care Fraud Unit.