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Employee embezzles funds from credit union

Date Posted: 2006-06-16

The Koza Credit Union Bank in Okinawa City has been ripped off a second time in two years by unscrupulous employees.

Officials this week sheepishly acknowledged a staff member falsified paperwork and stole Y120,000,000 in customer money from a number of accounts. The employee at the credit union’s Nago Branch has been fired, and criminal charges are pending. The man had worked at the financial institution since 1998.

He told authorities he was sorry, but that “I needed the money to build a house and pay back a loan.” He also admitted giving some of the pilfered funds to friends.

The embezzlement was discovered when a new staff member visited a customer and discovered Y10,000,000 in the customer’s account that should not have been there. Officials explain the guilty employee had been canceling some accounts and transferring funds to other places, stealing from 14 different savings accounts.

Koza Credit Union Bank admits that exactly the same criminal behavior was discovered one year ago, when another employee stole Y10,000,000 from customer accounts. In both cases, bank officials say the tricks used in moving money from account to account made it difficult to discover the thefts.

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