Ex-credit union CEO pleads guilty to bank fraud
BRIDGEPORT, Conn. (AP) — The former CEO of a Connecticut credit union has pleaded guilty to diverting hundreds of thousands of dollars of credit union money to a restaurant where he worked as a bookkeeper.
Federal prosecutors say 55-year-old James Farrell, of East Haven, waived his right to be indicted and pleaded guilty Wednesday in U.S. District Court in Bridgeport to bank fraud.
Prosecutors say while CEO of the New Haven County Credit Union, he also provided financial and bookkeeping services to The Rib House, an East Haven restaurant.
They say over a period of several years, when The Rib House had financial difficulties Farrell fraudulently transferred more than $600,000 of credit union money to the restaurant. He replaced about $370,000 of that.
Sentencing is scheduled for November. He has already made restitution.