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Tewskbury Federal Credit Union has placed its CEO Shelley Holden on leave after she allegedly transferred funds to her boyfriend, who was convicted of second degree murder in 1978, according to media reports.
The credit union’s board of directors issued a statement that said it is cooperating with an investigation by the National Credit Union Administration, the Tewksbury Patch reported. The board has also hired an accounting and auditing firm to perform a forensic audit of the accounts in question, and a review of the credit union’s practices and procedures.
“In early December 2017, the board of directors of Tewksbury Federal Credit Union became aware of irregularities involving several accounts, including those held by the chief executive officer and some of her personal acquaintances,” the statement said. “The board retained an accounting and auditing firm to investigate. Once the board has reviewed the auditor’s final report and recommendations, it will take appropriate action.”
Patch first first reported on Feb. 2 that Rod Morrison, who does business under the name Jack Horowitz, said Holden told him she had made transfers into his account and had changed the mailing address on the account to have statements delivered directly to her.
Morrison, who contracts with credit unions throughout the country to handle collections of delinquent accounts, said Holden made deposits for $12,000 and $16,000 into his accounts and then transferred the money out of his account into the account of Michael Stimpson. Stimpson pleaded guilty to second degree murder in the 1978 beating death of John McCann, 35, of Lowell.
Stimpson began working with Horowitz to clean up his delinquent account with the credit union after he was paroled eight years ago, according to Patch.
During his regular visits to the credit union to make payments, he met Holden and the two began dating, Morrison told Patch. Despite his poor credit history, Morrison said the credit union gave Stimpson a mortgage for a property in Maine and a loan to purchase a motorcycle.
Tewksbury Federal Credit Union has one branch and serves 4,300 members.
