Charges have been formally filed against three former employees of the Oahu Transit Services Employees Federal Credit Union who were recently charged with embezzling nearly $500,000 over several years. An investigation to the thefts determined the actions of each were unknown to the other.
The three employees at the $12.5 million credit union cooperative were charged with making false payments against personal and family member Visa credit card balances, as well as entering fake payments against personal loans. Highly unusual is the fact each employee appeared to be stealing independently, unaware their coworkers were also embezzling. FBI Special Agent Tom Simon, who investigated the case, told CU Times “It was really a proverbial den of thieves”.
Simon reiterated the need for better methods to detect internal fraud and hoped the case will serve as a lesson for new management at the credit union. New CEO Gloria Omandam of OTS Employees FCU has given assurances that new safeguards are in place, although she admitted the thefts have had a devastating impact on the small credit union.