Feds: CU Board Member Drained Elderly Woman’s $1-Million Retirement Savings, Bought Property, Truck
By CU Today Staff —
HARRISBURG, Pa.—A federal grand jury has indicted a Pennsylvania man who allegedly used his position as a credit union board member to gain control of more than $1 million in an elderly woman's retirement savings before spending nearly all of the money on property, a pickup truck and other purchases, according to the U.S. Attorney's Office for the Middle District of Pennsylvania.
William D. Brenner, 62, of Dover, Pa., was indicted Aug. 5 on charges of wire fraud and unlawful monetary transactions. Prosecutors did not identify the credit union involved, referring to it only as a “local federal credit union where he was a board member.” However, NCUA Credit Union Profile documents reviewed by CUToday.info show a William Brenner serving as a board member of the $86.8-million Susquehanna Valley Federal Credit Union in Camp Hill, Pa., from 2016 through the middle of 2022. The timing includes August 2021, when prosecutors allege the account used in the scheme was opened.
According to the U.S. Attorney's Office, Brenner allegedly persuaded the woman, who was born in 1936, and her daughter, who held power of attorney, that he could provide a better investment opportunity for the woman's retirement savings. Prosecutors said they were led to believe Brenner would personally manage the funds in an investment account paying fixed interest over two years. Instead, Brenner allegedly persuaded them to move the money into an account at the federal credit union where he was a board member and maintained accounts in the names of other businesses. Prosecutors allege that after the account was opened in August 2021, Brenner used the money for himself and family members and had depleted almost all of it by September 2021.
Brenner also allegedly used the victim's money to purchase commercial property in his own name in Caneyville, Ky., and forged an agreement purporting to show that the woman and her daughter had authorized the transaction. Prosecutors allege he created the document using authentic signatures they had provided on a different document. Brenner also allegedly used the funds to purchase a new Dodge Ram pickup, a skid steer and other tools and motorized equipment. The indictment seeks forfeiture of assets, including the Kentucky commercial property.
The U.S. Secret Service investigated the case, which is being prosecuted by Assistant U.S. Attorney Ravi Romel Sharma. Wire fraud carries a maximum penalty of 20 years in prison, while monetary transactions involving criminally derived property carry a maximum 10-year sentence.
Originally reported by CU Today.