Former president of Charlotte credit union faces fraud, embezzlement charges

Former president of Charlotte credit union faces fraud, embezzlement charges
(Source: WBTV/File)

CHARLOTTE, NC (WBTV) - A former president and chief executive officer of a Charlotte credit union was indicted on Friday for allegedly defrauding the company of more than $375,000.

According to the U.S. Attorney's Office, Saundra Torrence, 61, was the president and chief executive officer of First Legacy Community Credit Union (FLCCU), which is headquartered in Charlotte, from 1985 to 2012.

In 2010, FLCCU reportedly received $1,000,000 "to make investments in certain financial institutions that provided credit and financial services to underserved populations and communities," the indictment alleges.

The indictment claims that Torrence "abused her position" by allegedly making false entries in the books and records of the credit union, misapplied and stole funds from the credit union.

She also reportedly used the identity of at least "one third party victim" to obtain a loan from the credit union. The indictment claims that Torrence "falsified documentation and circumvented FLCCU policies and reporting requirements."

She allegedly approved payments to herself and others without authorization, including compensation for unused sick leave, the indictment claims.

The indictment states that the compensation was not reported as a taxable income. She also reportedly "improperly transferred funds between and among various third-party accounts at FLCCU and her own accounts at FLCCU."

Court officials said Torrence's wrongdoing caused the credit union to "suffer significant losses while she personally received more than $110,000 from the misconduct, exposed the credit union to the risk of additional losses, and caused regulatory action against FLCCU."

She was charged with 13 counts of theft and embezzlement from a financial institution, 19 counts of making or causing false entries and fraudulent participation.

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