Ex-credit union official admits theft of $2 million over 3 years

The former president of a Beaver County credit union admitted Friday that she stole more than $2 million over a three-year span.

Stacey Shaw, 47, of Industry, pleaded guilty in federal court to embezzlement and willful failure to file tax returns.

Shaw had been the president and CEO of the International Brotherhood of Electrical Workers Local Union 712 Federal Credit Union.

From May 2017 to March 2020, she embezzled the money by opening six credit cards issued by the union without getting approval from the board of

directions, according to agents from the FBI and IRS.

She then fraudulently raised the credit limits on the cards 138 times and used the available credit to make personal purchases.

When her theft was discovered, the credit cards had an outstanding combined balance of about $2.1 million.

As a result, the credit union went out of business.

Shaw also admitted to a count of willful failure to file tax returns in regard to the stolen money.

She earned $589,222 in 2018 and about $1.1 million in 2019, according to court records.

Federal prosecutors had filed a criminal information in March against her. An information in federal court is usually filed when a suspect has worked out a plea deal with the U.S. attorney’s office.

U. S. District Judge Marilyn Horan set sentencing for Aug. 10.

Shaw remains free on bond until then.