Credit Union Theft Investigation Leads Supervisor To Fess Up To Embezzling $437,000

Crystal Ferreira, 27, has pled guilty and faces 30 years in jail

WPRI
Most of the times when a workplace is robbed it is not a good thing. But in the case of the Columbus Credit Union in Providence, RI, it appears a holdup on Sept. 18 led to the uncovering of a much larger embezzlement scheme being perpetrated by a supervisor at the credit union. On that day, a woman entered the premises to make threats with a fake bomb, walking away with roughly $10,000. When local police began to investigate the crime, and mentioned a plan to audit the credit union, 27-year old supervisor Crystal Ferreira apparently knew what that report might turn up.

She confessed on the spot to having stolen more than $437,000 from the credit union, as was reported by the Providence Journal. Last month she pled guilty to one count of embezzlement. She faces 30 years of jail time in federal prison, to be followed by up to five years of supervised release. And in addition, she could face a fine of up to $1 million.

Ferreira has not been quoted in the local press. But in speaking to the local NBC outlet, East Providence police detective Eric Rodrigues couldn't help but take notice of the peculiar discovery. "It's not typical when you're investigating a bank robbery that an employee actually admits to stealing more than the robber," he was quoted as saying, as was covered by EastBayRi.com.

How did she do it? According to a report by the local Patch, Ferreira took the money out of the credit union's vault and replaced it with money from the credit union's ATM. She started in bundles of $10,000 but soon began stealing larger amounts by failing to enter delivered money into the credit union's processing system.

She initially claimed that two men had threatened to kill her, her co-workers and families unless she stole the money. But she eventually took back the claim, according to the Providence Journal.

Female embezzlers. As peculiar as the circumstances surrounding the revelation of Ferreira's scheme are, what's less shocking is that a woman was behind the embezzlement. As AOL Jobs has reported, last year's annual report on workplace embezzlement from Marquet International found that two out of three alleged embezzlers from 2012 were women.

Why? As Chris Marquet, CEO of Marquet International, previously told AOL Jobs, it's simply because women are more likely to occupy positions that have access to the pursestrings. In fact, according to the Bureau of Labor Statistics, 90 percent of bookkeepers in the country were women in 2010, the last year for which information is available.

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Geoff

How come the auditors did not find this out? That is what they are paid to do!

November 06 2013 at 6:07 AM Report abuse rate up rate down Reply
rickdt74

Well yeah, she needs to be punished for stealing 400k. Too bad no one has thought about punishing the bank CEO's or hedge fund managers for stealing billions.

November 06 2013 at 5:10 AM Report abuse rate up rate down Reply
Finchie

I was in banking for 45 years and never considered taking my work home with me. To me the bank money was just a tool I had to work with like play money. What was in my purse was "my" money. This girl has ruined her life.

November 06 2013 at 12:43 AM Report abuse rate up rate down Reply
johnny18350

lol 1 million fine? why now 10 million, or even a gajillion.? Like she will actually be able to pay it.

November 05 2013 at 11:51 PM Report abuse -1 rate up rate down Reply
jacqueline

pretty sloppily run cu

November 05 2013 at 7:47 PM Report abuse +1 rate up rate down Reply
miket1947

This is why the CU is no more, having been taken over by another CU.

November 05 2013 at 7:39 PM Report abuse rate up rate down Reply
miket1947

Too bad! Give her the max!

November 05 2013 at 7:37 PM Report abuse rate up rate down Reply
Allen

That's a lot more than a horse costs...I say hang her !

November 05 2013 at 6:13 PM Report abuse -1 rate up rate down Reply
1 reply to Allen's comment
Ken

Oh, I don't know, I think some Thoroughbreds have gone for a lot more than that. Why don't we stick her with the actual horse - feeding it, caring for it, training it, and especially mucking out the stall and trailer. Better than having her sit idly in jail.

November 08 2013 at 3:46 AM Report abuse rate up rate down Reply
ron

If Mrs. Ferreira properly invests, and micro manages from jail the half million she stole, she should be able to pay off her debt and then still live large..

November 05 2013 at 5:12 PM Report abuse -2 rate up rate down Reply
thobora

The government can steal our money, but no one else can!

November 05 2013 at 5:11 PM Report abuse +3 rate up rate down Reply
4 replies to thobora's comment

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