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Ex-Greater Eastern CU CEO signs plea deal admitting almost $1.2M embezzlement

Sherry Allen, former CEO of Johnson City, Tenn.-based Greater Eastern CU, admitted to embezzling almost $1.2 million, WJHL reported May 16, citing federal court records.

Allen agreed to plead guilty to theft and attempted tax evasion charges, according to the plea agreement.

Allen used the money for personal benefit, the report said, citing court documents.

The roughly $1.2-million restitution amount "will be offset by the net proceeds obtained by the victim credit union after the liquidation of all assets seized or turned over by the defendant," the report added, citing the plea agreement.