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Ex-Greater Eastern CU CEO under investigation for misappropriating $1.2M fund

Former Greater Eastern CU CEO Sherry Allen faces an investigation over claims she misappropriated some $1.2 million in credit union funds for personal benefit and other unauthorized purposes, News Channel 11 reported Feb. 20.

The Johnson City Police Department in Tennessee told the news network that the Federal Bureau of Investigation has assumed the case.

The Johnson City-based credit union received reports that Allen had potentially misappropriated funds in November 2017 and immediately placed her on suspension without pay, according to a Feb. 16 press release. A recently completed third-party investigation found that Allen, over a period of seven years, had indeed misappropriated said funds, the credit union said.

The credit union noted that it will incur no losses from Allen's actions.