Cookeville Resident Pleads Guilty to Embezzlement
Latisha Cochran, 36, of Cookeville, Tenn., pleaded guilty today in U.S. District Court, to one count of credit union embezzlement, announced David Rivera, United States Attorney for the Middle District of Tennessee.
In a hearing before U.S. District Court Chief Judge William J. Haynes, Cochran admitted issuing fraudulent loans in the names of fictitious individuals, while employed by the Middle Tennessee Federal Credit Union. Cochran admitted that she used the funds from the fraudulent loans for her own personal use, and also used fraudulent credit cards associated with the loans to make personal purchases.
Cochran also admitted taking actions to conceal her embezzlement, including opening accounts in fictitious names, using fictitious addresses, fabricating loan documentation, conducting transactions outside of normal business hours, making loan payments using embezzled funds, and shredding loan files. Cochran acknowledged to the Court that she embezzled more than $370,000, and agreed to make full restitution to the Middle Tennessee Federal Credit Union.
Cochran is scheduled to be sentenced by Judge Haynes on December 12, 2014. She faces up to 30 years in prison and a fine of up to $1,000,000.
The case was investigated by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney William F. Abely.