Former employee credit union accountant sentenced to 63 months

Yesterday, the U.S. District Court for the District of Columbia handed down a 63-month prison sentence [PDF] to Reginald A. Clark, 42, a former accountant for the Hoya Federal Credit Union, who was convicted in February for embezzling over $200,000 from the institution.

Between 2001 and 2003, Clark exploited weaknesses in the credit union’s computer systems in order to redirect the funds. Police arrested him in 2003 after an internal investigation revealed discrepancies in the credit union’s accounting records.

A federal jury found Clark guilty of charges of bank fraud, wire fraud, and making false entries in federal credit institution records. The Hon. Reggie B. Walton of the U.S. District Court sentenced Clark on Tuesday to pay back the $219,286.41 he stole, as well as serve 63 months in prison and five years under supervised release.

Hoya Federal Credit Union serves Georgetown University faculty and staff. Deposit insurance spared the bank from any losses as a result of the scheme.

h/t Georgetown Patch

7 Comments on “Former employee credit union accountant sentenced to 63 months

  1. Wait, people who work (or formerly worked) at the credit union aren’t doing it to serve the best interest of the community? You’re telling me they would steal when put in a position where they had access to other people’s money? Next you’ll tell me they would sell their souls for a six figure salary out of college, even at the cost of being personally miserable and contributing directly to downfall of the American economy, relying on tax payers to absolve them of the responsibility of having to pay for creating the second biggest economic recession in the country. These kids wouldn’t hide behind the idea that their work was what allowed the economy to thrive while being fully aware their institutions created an inefficient market where institutions meant to act as intermediaries take billions in profits and illegally manipulate the market in order to get bigger bonuses for their employees. I say no way. This guy must have just been a bad seed. This is truly a surprise.

  2. Um, douchebag, I’m pretty sure this is not GUASFCU (“the credit union”), but a completely different credit union, and one that does not employ students. Rather, this guy was an adult (42 years old?) accountant working for the faculty and staff credit union, not the student and alumni one.

    Better luck next time.

  3. …swing and a miss. Hope you feel better now, though.

  4. exactly, crummy accounting jobs is totes what leads to the great recession. GD low level number crunchers. If only people could avoid the trappings of a 46000 dollar a year job to do something meaningful, like travel the world in birkenstocks on their parent’s $ and connect with the people, or work on a hippy farm in vermont and blog about howit changed their lives.

    Wait, am I at Brown? I am so confused.

  5. “Jacob says:
    July 22nd, 2011 at 7:48 pm
    GUASFCU has terrible customer service and regularly mishandles its financial transactions to such a degree that it probably classifies as wire fraud.”

    I got the technical charges wrong, but I’m still labeling this as I TOLD YOU SO.

  6. Jacob,

    Wrong credit union. this is the credit union with the weird trailer by the med school library.

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