WICHITA, Kan. (5/21/14)--Gambling is suspected as a motive for the embezzlement of $10 million from Parsons Pittsburg CU, which was placed into conservatorship in January.
Court documents, filed with the U.S. District Court in Kansas, reveal that a January examination by the National Credit Union Administration found about $10 million in non-member deposits were missing (The Kansas City Star May 20).
According to FBI statements in the court filings, the suspect and spouse spent more than $192,000--an amount that could not be attributed to their income--at casinos in Oklahoma and Missouri casinos between Jan. 20 and March 13.
An April search at the suspect's home uncovered two cashier's checks totaling $130,000, gold coins, silver coins, a Prada handbag, and documents showing the purchase of U.S. savings bonds, among other paperwork.
No criminal charges have been filed.
Parsons Pittsburg CU, with $13.4 million in assets, was a state-chartered, federally insured credit union. Golden Plains CU, Garden City, Kan., with $418.5 million in assets, assumed the Parsons, Kan.-based credit union's assets, members, loans and shares in March (News Now March 23).