Former Charlotte credit union president indicted on embezzlement charges

Former Charlotte credit union president indicted on embezzlement charges
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CHARLOTTE, NC (WBTV) - A former First Legacy Federal Credit Union president was indicted on embezzlement charges.

Former FLCCU president and CEO Saundra Torrence is accused of misapplying and stealing funds from the credit union from 2008 to Aug. 30, 2012.Torrence was forced to resign after being placed on administrative leave in May 2012.

"Torrence abused her position as president and Chief Executive Officer of First Legacy Community Credit Union (FLCCU); made and caused false entries in the books and records of FLCCU; misapplied and stole funds from FLCCU; and fraudulently used the identity of at least one third party victim to obtain a loan from FLCCU; and fraudulently used the identity of at least one third party victim to obtain a loan from FLCCU," court documents state.

FLCCU is headquartered in Charlotte.

Torrence approved payment of compensation to herself and others without authorization contrary to the policies of FLCCU, court documents state, including unused sick leave, compensation for GAP insurance sales and other compensation.

Torrence is accused of misapplying and embezzling more than $90,000 over a period of four years. Torrence is additionally accused of falsifying entries totaling to more than $375,000.

"Torrence's wrongdoing caused FLCCU to suffer significant losses and exposed it to the risk of additional losses," court documents state.

Torrence was indicted on charges of theft, embezzlement, misapplication, and false entries.

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