Derby Line Credit Union Head Charged With Embezzlement
The sole employee of a small Vermont credit union has been charged with embezzlement. A grand jury returned an indictment against Debra Kinney who was CEO and president of Border Lodge Credit Union in Derby Line.
The credit union was closed last November by the Vermont Department of Financial Regulation.
The indictment brought in U.S. District Court for Vermont charges Kinney with embezzling funds over a two year period between 2010 and 2012.
Border Lodge had approximately 1,100 members and assets of just over $3 million. Member deposits were insured up to $250,000 by the federal government, which was responsible for liquidating the credit union’s assets.
Kinney is scheduled to be arraigned in Burlington next week.
Border Lodge was among the smallest of Vermont’s 26 credit unions.