Former credit union manager admits to embezzling nearly $2M
MUSKEGON, Mich. – The former manager of the Shoreline Federal Credit Union in Norton Shores has admitted to embezzling nearly $2 million since October of 2001.
According to federal court documents, Kathryn Sue Simmerman admitted to removing cash from the vault and concealing it in her purse. Some of the cash she deposited in other Shoreline accounts which she controlled, but also took some of it home and spent it. She then would conceal the missing cash by changing Shoreline financial statements to make it appear the cash was on deposit at Shoreline’s correspondent bank. Simmerman had been in charge of taking cash from the vault and giving it to staff tellers so they could take care of customers.
In exchange for the admission, the U.S. Attorney agreed to not prosecute Simmerman’s husband or sons for spending the cash from the crime.
Simmerman faces up to 35 years in federal prison. Her plea is expected to entered in court at a later time.