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Friday, March 26, 2010

River Valley Credit Union in Vermont ex-CEO sentenced for theft

Gary Ellis, the former CEO of River Valley Credit Union, was sentenced to six months in prison Wednesday after pleading guilty to embezzlement in U.S. District Court in Burlington. The 57-year-old Ellis, who now lives in Newmarket, N.H., will begin his sentence on April 28.
Chief U.S. District Judge William K. Sessions III also ordered that Ellis serve five years of supervised release after he finishes his prison term. Ellis must also serve an additional four months of home confinement and pay restitution of between $120,000 and $200,000. The exact restitution figure is scheduled to be determined at another hearing.
Ellis was the CEO of the Brattleboro-based credit union until he was fired in the spring of 2005 when he was accused of taking extra salary, bonus and other payments.
In December 2008, a federal grand jury in Rutland returned a one-count indictment charging Ellis with misappropriating money from the credit union between January 2001 and continuing through early 2005.
The Rutland office of the Federal Bureau of Investigation handled the case.

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