Former Olean credit union manager pleads guilty to embezzlement

Sep 22, 2017

A western Pennsylvania woman has pleaded guilty to stealing $180,000 from the Olean credit union she managed for 20 years.

The U.S. Attorney's Office in Buffalo said Norma Gold, 57, of Eldred, pleaded guilty to false entries in federal credit union reports. She faces up to 30 years in prison and a $1 million fine when she is sentenced Dec. 21.

Gold started working at the Olean Tile Employees Federal Credit Union in 1986. Officials say as office manager, she was responsible for keeping accurate financial records for the credit union.  

However, during a five-year period beginning in December 2007, authorities say she embezzled funds, made false business entries and altered financial statements to cover the thefts. The pilfering of the credit union funds eventually forced it to close.