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Texas credit union official guilty of embezzlement

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HOUSTON (AP) — A former executive with a Houston credit union faces up to 30 years in prison for embezzling about $340,000 through bogus loans in other people’s names.

Prosecutors say 39-year-old Shawn Nelson opened signature loan accounts in the names of his family and friends and then used the money for himself.

The former vice president at Members Choice Credit Union pleaded guilty Thursday to embezzlement. Investigators say Nelson was a lending officer at the credit union from 2001 through 2009.

Nelson faces sentencing this fall. He’s agreed to forfeit the unlawfully loaned $340,000 and could be ordered to pay a $1 million fine.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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