A Mississippi credit union CEO has pleaded guilty after prosecutors stated she embezzled more than $69 million, leaving the financial institution insolvent.
Leigh Bridges entered a guilty plea to charges of theft of funds from a federal credit union, making false statements to a federal credit union, and filing false tax returns, according to reports from WLBT.
According to prosecutors, the scheme spanned more than ten years starting in 2011. Bridges used an administrative code to transfer funds into accounts connected to herself, her husband, and her mother. She then concealed the transfers using fake deposit descriptions and fabricated ledger debits. The illicit activity ultimately resulted in the insolvency of the Jackson Area Federal Credit Union.
Prosecutors noted that Bridges utilized the embezzled funds to make numerous full-cash real estate purchases. These acquisitions included a $1.2 million property located on Sleepy Hollow Drive, a $655,000 condominium in Alabama, and a $271,000 townhome.
Prosecutor Deidre Colson commented on the transactions, stating that Bridges completed all of the property purchases in cash and in full.
A magistrate has set Bridges' bond at $25,000, and her sentencing is scheduled for February 25. Additionally, the government is pursuing restitution and asset forfeiture.
