Fri Jul 03 2009
Frankfort Police are investigating the theft of $151,000 from the Kentucky Employees Credit Union but its president says no members' funds were affected.
Earlier this month, officer Frank Fallis responded to a report of theft by unlawful taking and spent about an hour at the credit union. John Graham, the president, reported $151,328.94 had been missing since approximately September 2006.
Graham said he couldn't comment on the case because there is an ongoing investigation. However, he did say no members' funds were taken and the credit union is cooperating with the police.
"It's in their hands at this point," Graham said.
Police Maj. Fred Deaton said officers are examining a number of records and no additional information would be released because it could jeopardize the investigation. Deaton said more details could be available next week.
The credit union, headquartered at 100 Moore Drive, is chartered by the state and regulated by the Division of Financial Institutions. Division Director David Coyle said he isn't concerned about the stability of the credit union because all institutions are required to have blanket bond insurance.
"Usually the first call they make is to the insurance company," Coyle said. "Even in a case like this it wouldn't affect the condition of the credit union or members' accounts."
Coyle said his agency would continue to monitor the situation.
Graham said a reputable private agent provides insurance to the credit union which is responsible for a small deductible, but losses are covered by insurance.
The Kentucky Employees Credit Union is a not-for-profit financial cooperative founded in 1938. It has 7,600 members and claims $44 million in assets.
The credit union is open to all county, local, state and federal employees, as well as public school employees. Members of the Association of Independent Kentucky Colleges and Universities may also participate, as do several local employers, including Frankfort Regional Medical Center and Capital Day School.
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Posted by the.fishery April 18, 2008
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thats my money and I want it deposited back to my account now!
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Posted by pinpointers April 18, 2008
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no idea....did Tonya Blackburn work for them..?
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Posted by Sweet Pea April 17, 2008
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I had heard from someone that about a year ago or so that hackers had gotten into some accounts at KECU and had stolen up to $1000. Anybody familiar with this?
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