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.
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