Eldred woman get federal prison time for credit union embezzlement

BUFFALO, N.Y. - U.S. Attorney James P. Kennedy, Jr. announced today that Norma Gold, 57, of Eldred, PA, who was convicted of making false entries in federal credit union reports, was sentenced to 30 months in prison by U.S. District Judge Richard J. Arcara. The defendant was also ordered to pay restitution totaling $179,939.21.

Assistant U.S. Attorney Marie P. Grisanti, who handled the case, stated that Gold was an employee of the Olean Tile Employees Federal Credit Union (OTEFCU) for approximately 26 years between 1986 and December 2012. For a portion of her tenure, Gold served as office manager and was responsible for keeping accurate financial records on behalf of the Credit Union. 

Between December 2007 and December 2012, Gold embezzled funds and made false entries in OTEFCU’s general ledger and altered financial statements, making it appear that the OTEFCU’s account balances were larger than they actually were. Gold’s conduct caused substantial hardship to the OTEFCU and it was ultimately forced to close as a result of the theft. The OTEFCU suffered a total loss of $179,939.21. 

The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Acting Special Agent-in-Charge Kevin P. Lyons; the National Credit Union Administration; the U.S. Secret Service, under the direction of Special Agent-in-Charge Lewis Robinson; and the Olean Police Department, under the direction Chief Jeffrey Rowley.