Former Ochsner Clinic Credit Union Manager Charged with Stealing More Than $1 Million
U.S. Attorney Kenneth A. Polite announced that JACQUELINE RAY, age 60, of Biloxi, Mississippi, was charged yesterday in a Bill of Information one count of stealing over $1 Million from Ochsner Clinic Federal Credit Union in connection with bank larceny during her employment there.
According to the Bill of Information, RAY was employed by Ochsner Clinic Federal Credit Union (OCFCU), as a credit union manager and had been employed at OCFCU for nearly thirty years. From around 2007 to 2013, RAY stole at least $1 Million Dollars by creating numerous fictitious loans on the books of OCFCU. RAY created approximately 149 fictitious loans.
No loan documentation existed on any of the fictitious loans. RAY controlled the day-to-day operation of OCFCU. These fictitious accounts were all coded in the OCFCU data processing system so that no statement of account would be generated, thus hiding RAY’S fraudulent scheme.
The proceeds from the fictitious loan would be in the form of a check drawn on the OCFCU and deposited in accounts controlled by RAY, or converted to cash.
RAY also made false deposits into a local bank to make it appear that she had money in accounts she controlled, when she really did not. RAY would steal cash from these falsely inflated accounts.
If convicted, RAY faces a possible maximum sentence of ten years’ imprisonment, and/or a fine of $250,000 and up to three years of supervised release, as well as restitution for the money taken.
The U.S. Attorney’s Office reiterated that a Bill of Information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.
U.S. Attorney Polite praised the work of the Federal Bureau of Investigation and the National Credit Union Administration in investigating this matter. Assistant United States Attorney Carter K. D. Guice, Jr. of the Fraud Unit is in charge of the prosecution.