NEW ORLEANS–Jacqueline Ray, the former manager at Ochsner Clinic FCU here, has pleaded guilty to stealing more than $1 million from the CU. Ray, 60, entered the plea on Friday.
A 30-year employee of the credit union, prosecutors said that from 2007 to 2013 Ray stole at least $1 million by creating about 149 fictitious loans. Investigators said Ray was able to hide the bogus loans by coding them in the data processing system so that no statement of the account would be generated. No loan documentation existed for any of the fictitious loans. Ray controlled the day-to-day operation of OCFCU.
According to authorities, Ray would draw checks from the OCFCU and deposit them into accounts she controlled, or convert them to cash. In addition, authorities said Ray also made false deposits into accounts she controlled to give the appearance of funds being on hand, from which she later made withdrawals.
Ray now faces a possible maximum sentence of 10 years in prison, and/or a fine of $250,000 and up to three years of supervised release, as well as restitution for the money taken.