Adams Woman Convicted of Credit Union Embezzlement
Staff Reports On: 08:24PM / Wednesday January 23, 2013
BOSTON — An Adams woman and former credit union employee was convicted on Jan. 17 of embezzling nearly $160,000 and making false entries into the books of the credit union.
Patricia Piscioneri, 67, pleaded guilty before U.S. District Judge Michael A. Ponsor to a 30-count indictment charging her with embezzlement of funds by a credit union employee and false entries.
She faces up to 30 years in prison to be followed by five years of supervised release and a $1 million fine.
While employed as the manager of the former Adams Municipal Employees Federal Credit Union (AMEFCU) between 2001 and 2005, Piscioneri embezzled credit union funds by creating fraudulent loan accounts in the names of credit union members and depositing the proceeds of these fraudulent loans into her own account(s), her husband's account(s), or other family members' account(s), or used the proceeds to pay off previously obtained fraudulent loans.
In an attempt to avoid detection, Piscioneri created fraudulent loan documentation, such as loan applications and promissory notes, and forged signatures on the fraudulent loan documentation. Additionally, Piscioneri created false entries in the AMEFCU accounting system and advanced the payment due dates of the fraudulent loans.
Sentencing is scheduled for April 25, 2013.
U.S. Attorney Carmen M. Ortiz and Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation Boston Field Division, made the announcement. The case is being prosecuted by Assistant U.S. Attorney Michelle L. Dineen Jerrett of Ortiz's Health Care Fraud Unit.
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