GLENS FALLS, N.Y.— Michael Howard former Parks Heritage FCU CEO, has been charged with 12 felonies for allegedly stealing an estimated $9,000 from the $27-million CU.
According to authorities, Howard, 38, of South Glens Falls, was charged with third-degree grand larceny and 11 counts of falsifying business records following a Warren County grand jury investigation that stemmed from a Glens Falls Police inquiry, the Post Star reported.
Local police said Howard used the money for personal expenses, including home improvement work, pest control work and clothes purchases. Authorities said the purchases were made to appear as legitimate bank business. However, the CU reached out to police in December 2013 when they suspected fraud.
Investigators obtained records related to the transactions, and a grand jury decided recently that charges were warranted, the Post Star reported.
Howard was arraigned Friday and sent to Warren County Jail for lack of bail, but has since posted bail. Reports indicate that the stolen money did not come directly from members’ accounts.
The CU’s current CEO, Anthony LaPointe, told the Post Star that the credit union has policies and procedures in place to protect credit union members and their funds.