An Ohio woman convicted in January of embezzling more than $2 million from a Beaver credit union spent much of it on agricultural purchases, including trying to start a pig farm, federal investigators said.
Stacey Shaw of Salem, Ohio, was sentenced to more than four years in prison after being convicted of embezzlement from a federal credit union. Federal officials said Shaw, who was president and CEO of the International Brotherhood of Electrical Workers Local 712 Federal Credit Union, opened six unauthorized credit cards over a three-year period and spent $2 .1 million.
Following an audit, credit union officials contacted the FBI. Using bank statements, officers were able to piece together what Shaw had done to the credit union started by his own grandparents.
“She bought some land and spent a lot of money outfitting that land for her use,” said Special Agent Samantha Bell of the FBI’s field office in Pittsburgh. “She bought ATVs, four-wheelers, four sheds, pigs. At one time she had a horse and very large rabbits. A lot of money has been invested in funding this effort.
Despite all of Shaw’s expenses, there was very little for government officials to recover, Bell said.
“The property is actually worth less than what she bought it for,” she said. “Nothing he had left would actually benefit the government.”
The credit union may seize some of the assets in a bid to recoup some of the losses, but it was forced to close permanently, the FBI said.
“This credit union no longer exists because of its actions,” Bell said.