Ohio woman sentenced to 4 years after embezzling $2 million from credit union in Beaver County
An Ohio woman was sentenced to more than four years in prison on Wednesday after being convicted of embezzling from a federal credit union and failing to file tax returns, according to U.S. Attorney Cindy K. Chung.
Stacey Shaw, 48, of Salem, Ohio, was president and CEO at the International Brotherhood of Electrical Workers, Local Union 712 Federal Credit Union in Beaver. During that time, according to Justice Department officials, she opened six unauthorized credit cards in her name, raising the limit on each over a three-year period.
By the time it was discovered, Shaw had run up a balance of more than $2 million.
Federal officials said the loss to the credit union was so great that it was forced to be permanently closed and liquidated. IBEW officials now use the West Penn P&P in Beaver as a federal credit union.
Shaw was sentenced to 51 months in jail, followed by three years of supervised release that includes a year of home detention. She was also ordered to pay more than $2.5 million in restitution.
IBEW Local 712 serves Beaver, Crawford, Lawrence and Mercer counties.
Patrick Varine is a TribLive reporter covering Delmont, Export and Murrysville. He is a Western Pennsylvania native and joined the Trib in 2010 after working as a reporter and editor with the former Dover Post Co. in Delaware. He can be reached at pvarine@triblive.com.
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