Published 02:45 p.m., Monday, February 28, 2011

http://www.beaumontenterprise.com/news/crime/article/President-of-Orange-County-credit-union-pleads-1034715.php

The President and Treasurer of the Orange County Employees Federal Credit Union has pleaded guilty to money laundering and could be sentenced to up to 10 years in federal prison.

Sandra H. Cooper, 56, of Orange, pleaded guilty to the charge today, but is free on bond and other conditions of release, according to a release from U.S. Attorney John M. Bales' office.

Cooper embezzled more than $1.1 million of credit union funds over a four and half year period, according to the U.S. Attorney's Office and information presented in court. The National Credit Union Administration Board insured the deposits of credit union customers. The federal agency decided in June 2010 "that the credit union was insolvent and arranged a transfer of customer accounts to the Sabine Federal Credit Union," according to the release.

Two people were employed by the credit union which was located in the administration building next to the Orange County courthouse, according to the release.

Cooper's sentencing date has not been set.