The FBI is investigating a former employee of the federal credit union that serves members of the Portland Police Department for allegedly stealing funds from the financial institution.
The Portland Maine Police Department Federal Credit Union said Friday that an internal audit confirmed that an unnamed employee had “misappropriated credit union funds.” The credit union fired the employee immediately and then contacted by the FBI and the U.S. Attorney’s Office, according to a letter sent to members.
The credit union did not specify how much money was allegedly misappropriated or the position held by the employee.
“Once suspicious activity was discovered, the credit union moved swiftly to engage a forensic accounting firm, legal counsel and other professionals to investigate,” Hosea Carpenter, president and CEO of the credit union, said in a statement released Friday afternoon.
Carpenter said that no members lost money from the incident and that the credit union has bond coverage to protect against losses from employee theft.
“We have referred this matter to law enforcement agencies and we expect this individual to be prosecuted to the fullest extent of the law,” Carpenter said.
A woman who answered the phone at the credit union said Carpenter was unavailable for comment. Special Agent Greg Comcowich with the FBI’s Boston division said the agency would not confirm or deny any investigation into the credit union.
Jessica Grondin, spokeswoman for the city of Portland, said officials were informed of the FBI investigation but stressed that the city has no management or oversight of the credit union and no relationship apart from the fact that the institution provides financial services to police officers, county jail employees and their families.
“We are aware of it because the FBI alerted us and the credit union let us know that they would be sending out the letter,” Grondin said.
That letter, dated Sept. 11, advised credit union members about the investigation but did not provide any details of the incident. Carpenter wrote that the theft was the first such incident in the credit union’s history.
“Finally, let me assure each of you that the staff and I will continue to work diligently to prevent any similar occurrence in the future,” Carpenter wrote in the letter, a copy of which was obtained by the Portland Press Herald. “Our expectation is that this former employee will be held responsible for his actions and the credit union shall continue in its mission to serve you.”
Chartered in 1935, the Portland Maine Police Department Federal Credit Union has roughly 900 members and total assets of $7.9 million, according to the most recent quarterly financial report on file with the National Credit Union Administration, the federal agency that charters and regulates credit unions. Most members of the credit union’s board of directors are current or former members of the Portland Police Department.
Kevin Miller can be contacted at 791-6312 or at:
Twitter: KevinMillerPPH
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