BOSTON – A former credit union loan officer was charged and has agreed to plead guilty in connection with defrauding his employer, $330-million MassMutual FCU, out of almost $1 million, the U.S. Attorney's Office for the District of Massachusetts announced.
Brian Socha, 45, has agreed to plead guilty to one count of bank fraud. A plea hearing has not yet been scheduled by the Court.
According to the charging document, Socha hacked into co-workers’ computers on over 20 occasions to “covertly” raise the credit limit and lower the interest rate on the home equity line of credit on the home he owned with his wife. Over a period of six years, Socha allegedly increased the HELOC credit limit from $135,500 to $995,000 and adjusted the HELOC interest rate from 7.25% to 1.99%, the U.S. Attorney's Office said.
The charge of bank fraud provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million.