Former Operations And Marketing Director At Lifeway Credit Union, Monica Jackson Charged With Fraud
Over $242,000 Alleged in Credit Union Embezzlement
NASHVILLE (STL.News) A criminal Information was filed today, charging Monica Jackson, 42, of Murfreesboro, Tennessee, with embezzling over $242,000 from Lifeway Credit Union, announced Acting U.S. Attorney Mary Jane Stewart for the Middle District of Tennessee.
According to the charging document, Jackson was formerly the Operations and Marketing Director at Lifeway Credit Union in Nashville. In that role, she was part of the management team, and she oversaw the credit union’s operating activities, including lending decisions and the decision to order cash. She also had access to Lifeway’s cash vault.
The Information alleges that between October 2016 and February 2021, Jackson embezzled approximately $242,156 from the credit union using a variety of methods, including by stealing cash out of the vault. Jackson concealed these cash thefts from the vault, totaling more than $47,000, by placing small bills, such as one-dollar bills, in “bands” of larger bills, such as $20 or $50 bills, to make it appear as though each “band” of larger bills was full. Another method employed by Jackson was to open lines of credit in the names of family members and then transfer the funds to accounts she controlled. Jackson took approximately $167,312 by this method.
Finally, the charging document alleges that Jackson made fraudulent transfers totaling $27,435 to herself from the account of a deceased credit union member. Jackson used her administrative authority to lock access to the accounts she was using to commit the fraud so that other bank employees could not see those accounts.
The United States also seeks a forfeiture judgement of $242,156.00 which represents the proceeds of the crime.
If convicted, Jackson faces up to 30 years in prison and a fine of up to $1 million.
This case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Kathryn W. Booth is prosecuting the case.
The charges contained in the Information are merely accusations. The defendant is presumed innocent until proven guilty in a court of law.