A crime both small and big businesses are victims of: embezzlement
The vice president of Singing River Federal Credit Union on Monday pleaded guilty to embezzling more than $350,000 from her employer.
Merrideth Christina McMillian, of Vancleave, had been arrested on a federal charge of theft of credit union funds, according to authorities.
On Monday, McMillian admitted using her position as a bank executive to access customer accounts to take out fake loans and manipulate other transactions in order steal money.
She took out unsecured loans in the name of family and friends, including her father and son, and used her grandmother’s estate as collateral more than once.
She also took out a $47,000 loan in a friend’s name and flagged the account so the friend wouldn’t receive bank statements about the loan.
McMillian allegedly used the stolen money on herself and others.
The missing money was discovered during a financial audit, and the crime occurred between October 2017 and Sept. 20, 2018.
McMillian has since been fired from her position. She will remain out of jail on a $25,000 bond until sentencing in June.
The federal charge is punishable by a fine of up to a $1 million and up to 30 years in prison or both.