NCUA bans two managers who stole from their credit unions

Yesterday, the NCUA issued prohibition orders for two former credit union managers who defrauded their credit unions causing them to fail.

Cindy Dechant, former manager and the only employee of the $270,000 Associated Blind of Oklahoma/Texas Federal Credit Union pleaded guilty to bank fraud. She was sentenced to 42 months and three years of supervised release. She was also ordered to pay more than $190,000 in restitution.

Theresa Portillo, former manager and the only employee of the $3 million Women’s Southwest FCU in Dallas consented to a prohibition order instead of using her time and money to fight legal action. In December, she pleaded guilty to embezzling $3.4 million from the credit union over 11 years. She used the money to buy jewelry, real estate and a Mexican timeshare, according to court documents.

The NCUA has permanently barred Dechant and Portillo from being involved with any federally insured financial institution. Click here to read more.