Former Parsons Pittsburg CU CEO Nita Rae Nirschl was sentenced to five years in federal prison and ordered to pay restitution of more than $10 million for embezzling millions of dollars from the credit union, according to a press release from the Department of Justice.
She pleaded guilty to one count of embezzlement, one count of money laundering and one count of attempted tax evasion.
She withdrew money from the assets of the Parsons, Kan.-based credit union, deposited it into accounts she controlled, and used it to buy a car, a house and other items.
The credit union was liquidated in March 2014.
