Sharon Broadway, 62, pleaded guilty in December to felony counts of racketeering and financial institution embezzlement from Monroe County’s United Catholic Credit Union, which closed in August after state regulators discovered it was insolvent.
Judge Michael Weipert of Monroe County’s 38th Circuit Court sentenced Broadway to 10 to 240 months on the embezzlement charge and a concurrent 45 months to 240 months on the other charge. She also was ordered to pay $2,598,000 in restitution and can’t work in the financial industry, said Joy Yearout, a spokesman for the Michigan Attorney General.
Broadway’s attorney, Lorin Zaner, said, “She’s very apologetic for what happened and how she’s let so many people down.”
The state’s Office of Financial and Insurance Regulation shut down the credit union, which counted more than 200 members who belonged to area Catholic parishes. Broadway was described by the Attorney General office as the credit union’s “manager, secretary, board member, and sole employee.”
Officials said she hid her actions for nearly 30 years using a scheme that included no record of certificates of deposit on credit union books.
Mr. Zaner said it’s unlikely his client will be able to make full restitution. He said Broadway had found another job but not yet started the position. She was taken immediately into custody after sentencing.
Broadway spent some of the money on others, he said. “There really is nothing to show for it. She didn’t live an extravagant life,” Mr. Zaner said.
Credit union members did not lose money because the funds were federally insured by the National Credit Union Administration, said John Kolhoff, deputy commissioner of the Office of Financial and Insurance Regulation credit union division. Any restitution will return to the National Credit Union Administration to cover its losses, he said.
“We’ve taken not only the criminal actions but regulatory actions,” Mr. Kolhoff said.
State officials said the embezzlement was found during a routine examination by regulators. Broadway was charged in November.
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