A Houston man has appeared for arraignment in a 12-count indictment alleging bank embezzlement, United States Attorney Kenneth Magids on announced today.
A federal grand jury returned the sealed indictment against Shawn Nelson, 39, on Feb. 20. He was arrested Friday, March 22, made his initial appearance the following Monday and was arraigned on Thursday by U.S. Magistrate Judge Frances Stacy. He was permitted release pending further criminal proceedings.
According to the indictment, Nelson was a vice-president of lending at Members Choice Credit Union. From 2001 through 2009, Nelson allegedly opened signature loan accounts in his friends’ and family members’ names without their authorization and subsequently began withdrawing money from those accounts. By the time the fraud was discovered, Nelson had withdrawn more than $340,000, according to allegations in the indictment.
If convicted, he faces up to 30 years in prison as well as a possible $1 million fine for each count. The United States is also seeking forfeiture of approximately $340,000.
The investigation was conducted by the U.S. Secret Service. The case is being prosecuted by Assistant United States Attorney Sharad S. Khandelwal.
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