Embezzling credit-union boss reveals $2M, 16-year cash lifestyle - MLive.com
GRAND RAPIDS, MI – It began with $2,000 Kathryn Sue Simmerman stole from the cash vault in her office at Shoreline Federal Credit Union. That was in 1998. By January 2015 Simmerman -- chief executive since 2006 -- had stolen nearly $2 million in cash from the small, member-owned credit union in Norton Shores. She said she used the money to pay for expensive trips with her family, school expenses for her two sons, vacation time shares in Florida and Branson, Missouri, leases of mid-priced cars and SUVs, big deposits into her husband's and sons' accounts... None of her family members ever asked where the money came from, Simmerman said. She said her annual salary in 1998 as assistant manager of the credit union was maybe $18,000, rising to $45,500 last year as its top manager. District Court in Grand Rapids to two federal felonies: embezzlement from a federally insured credit union and "structuring," or deliberately avoiding federal reporting requirements by making deposits into accounts she controlled of less than... RELATED: Longtime credit-union manager admits embezzling nearly $2M. Simmerman through her attorney, Gary Springstead, negotiated a plea agreement with the U. S. Attorney's office. Under the agreement, Simmerman agreed to pay $200,000 in restitution before she is sentenced. Source: www.mlive.com
