Mississippi Credit Union CEO Pleads Guilty After Embezzling Over $69,000,000 From Lender

A Mississippi credit union CEO has pleaded guilty after prosecutors said she embezzled more than $69 million and left the institution insolvent.

Leigh Bridges pleaded guilty to theft of funds from a federal credit union, false statements to a federal credit union and filing false tax returns, reports WLBT.

Prosecutors say Bridges used an administrative code to move money into accounts tied to her, her mother and her husband, then covered the transfers with fake deposit descriptions and fake ledger debits.

The scheme ran from 2011 for more than ten years and left Jackson Area Federal Credit Union insolvent, according to charging papers.

Bridges used the money for cash real estate buys, including a $1.2 million property on Sleepy Hollow Drive, a $271,000 townhome and a $655,000 condominium in Alabama.

Prosecutor Deidre Colson addressed the case.

“Bridges made all these purchases in cash and in full.”

A magistrate set bond at $25,000. Sentencing is set for February 25th. The government is seeking restitution and forfeiture.

Follow us on X, Facebook and Telegram



Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney