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Pa. woman sentenced to 30 months after embezzling from Olean credit union

A Pennsylvania woman who was convicted of stealing funds from an Olean-based credit union and making false entries in the company's ledger, was sentenced Thursday to 30 months in prison by U.S. District Judge Richard J. Arcara.

Norma Gold, 57, of Eldred, Pa., also was ordered to pay $179,939 in restitution to her now defunct employer, the Olean Tile Employees Federal Credit Union.

According to the U.S. Attorney's office, Gold worked for the company about 26 years, between 1986 and December 2012. For a portion of her tenure, Gold served as office manager and was responsible for keeping accurate financial records on behalf of the credit union.

However, between December 2007 and December 2012, Gold embezzled funds and made false entries into the credit union’s general ledger and also altered financial statements to make it appear that the credit union's account balances were larger than they actually were. As a result of her actions, the credit union was forced to close as a result of the financial burden it placed on the company, prosecutors said.

The case was investigated by the FBI, the National Credit Union Administration; the U.S. Secret Service and the Olean Police Department.


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