A former employee of the credit union that serves university faculty and staff was sentenced to 63 months in federal prison for charges related to his theft of over $200,000 from the bank over the course of two years.
Reginald Clark, a former accountant for the Hoya Federal Credit Union, was found guilty of tampering with the credit union’s internal computer system to steal the money between 2001 and 2003. The judge sentenced him Tuesday to the maximum allowable prison term and ordered him to pay back $219,286.41 in restitution.
In February, a jury had convicted Clark on charges of bank fraud, wire fraud and making false entries in federal credit institution records, according to a Federal Bureau of Investigation press release.
Reginald Clark was fired in 2003 after an internal investigation conducted by the financial institution showed that his work as an accountant produced financial irregularities, explained Hazel Logan, manager and CEO of HFCU. The company then notified federal authorities and the National Credit Union Administration.
HFCU’s insurance policy covered all lost funds, and at no point were any individual accounts endangered. Logan said that the company has since taken steps to avoid a similar incident from occurring.
The Hoya Federal Credit Union operates independently of the university.