BOSTON -- A 67-year-old Adams woman faces up to 30 years in prison after she pleaded guilty to a 30-count indictment charging her with embezzling and making false entries into the books as the manager of the former Adams Municipal Employees Federal Credit Union. Sentencing is scheduled for April 25.
While employed as the manager of the former Adams Municipal Employees Federal Credit Union, Patricia Piscioneri admitted embezzling credit union funds by creating fraudulent loan accounts in the names of credit union members and depositing the proceeds of these fraudulent loans into her own account, her husband's, those of other family members, or using the proceeds to pay off previously obtained fraudulent loans, according to the U.S. Attorney's Office.
To avoid being detected, Piscioneri created fraudulent loan documentation, such as loan applications and promissory notes, and forged signatures on the fraudulent loan documentation, according to the U.S. Attorney's Office. Additionally, Piscioneri created false entries in the Adams Municipal Employees Federal Credit Union accounting system and advanced the payment due dates of the fraudulent loans.
Piscioneri also faces five years of supervised release and a $1 million fine.
The case is being prosecuted by Assistant U.S. Attorney Michelle L. Dineen Jerrett of the U.S. Attorney's Health Care Fraud Unit.