Beaver federal credit union head charged with embezzling $2 million
The former president and CEO for the credit union at International Brotherhood of Electrical Workers Local Union No. 712 in Beaver was charged in federal court this week with embezzling more than $2 million.
Stacey Shaw, of Industry, is charged by criminal information with embezzlement and willful failure to file tax returns.
Typically, when a person is charged in U.S. District Court by information, they have already agreed to plead guilty. No hearings are yet scheduled in Shaw’s case.
Shaw embezzled just under $2.1 million from May 2017 to March 2020, according to a court filing.
Investigators said Shaw opened six credit cards issued to the IBEW local federal credit union, raised the limits on each of the cards and then made purchases or took cash advances on them.
In addition, the information accuses Shaw of failing to properly report her income and pay federal taxes for 2018 and 2019.
According to the information, in 2018, Shaw earned a gross income of $589,222, and in 2019 earned just under $1.1 million
In May, the National Credit Union Administration liquidated the IBEW 712 federal credit union, and West Penn P&P Federal Credit Union then assumed its assets and loans.
At the time of the liquidation, IBEW Local Union No. 712 served 2,935 members and had assets of approximately $7.7 million.
It was chartered in 1964.
A message left with the National Credit Union Administration was not immediately returned.
Paula Reed Ward is a TribLive reporter covering federal and Allegheny County courts. She joined the Trib in 2020 after spending nearly 17 years at the Pittsburgh Post-Gazette, where she was part of a Pulitzer Prize-winning team. She is the author of "Death by Cyanide." She can be reached at pward@triblive.com.
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