The fraud was discovered in April 2012, when another LCCU employee initiated an internal investigation after discovering irregular transactions tied to the chapter's debit card issued to Smith, the court records said.
When the system was turned back on, the transactions were reported to LCCU but did not post to an account, the documents said.
- The Latino Community Credit Union (LCCU
) is a community-based and member-owned nonprofit financial institution that provides protection of financial assets, access to loans, financial independence and financial education.
While LCCU has been successful on this model so far, Bell stressed that the more important work takes place below the levels of product and services, in the basic level of financial education that LCCU wants all of its members to receive.
LCCU re-ported that more than 13,140 participants have attended the workshops on budgeting and credit, thereby preparing them to be educated future borrowers at the credit union.
In reviewing statistics from 1990 through 2008, the study found that each time LCCU opened a branch in North Carolina, the number of robberies dropped by an average of 57 per year, almost 4% percent in each county.
The LCCU branch openings from 2000 through 2008 were credited with raising property values by 4% compared to the total appreciation, or $9.8 billion.
The film tells the story of owning a business, featuring the same immigrant couple from LCCU's first award-winning, educational film, "Angelica's Dreams," the cooperative said.
Unlike Roberto's impromptu decision to become an entrepreneur during uncertain times, LCCU had been thinking about creating a business services division for some time, said Alejandro Sanchez, director of organizational development at LCCU.
Financial education has been a key part of our mission since we opened our doors in 2000," said LCCU
CEO Luis Pastor.