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.