Ex Springfield credit union head convicted of embezzlement
bostonherald.com | 3/15/08 | Associated Press
SPRINGFIELD, Mass. - The former head of a now defunct Springfield credit union has been convicted by a federal jury of dozens of charges in connection with the embezzlement of $1.5 million.
Carol Aranjo is the former chief executive of the D. Edward Wells Credit Union. She was convicted today of multiple counts of embezzlement, filing false tax returns, bank fraud, filing false entries with a federal financial institution and obstruction of a federal examiner.
He husband, Alphonso Smith, was convicted of aiding and abetting and acquitted of some charges. Prosecutors say the couple stole $1.5 million from the credit union between 1997 and 2003 through bogus transfers and other methods, then used the money for a lavish lifestyle.
The credit union was founded in 1959 to serve the city’s poor residents. Sentencing is set for June 19.