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Thursday, July 24, 2014

Credit union head from East Alton admits embezzlement

 The former president of a credit union pleaded guilty to bank fraud and admitted using his bank position to cover up his theft from a trade association, federal prosecutors said Tuesday.

Paul C. Smith, 54, of East Alton, began working for the Laclede Community Credit Union in November 1977 and resigned as president on June 29, 2012, prosecutors said.

He was also treasurer of a credit union trade association.

Prosecutors say Smith used the association's credit card to get cash and make purchases totaling $58,286 from 2007 to 2012, then used the bank's computers to conceal the theft and ensure that the expenses would not be incurred by the association.

Smith was indicted Nov. 20 and pleaded guilty Monday.

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