Feds accuse former CU mailroom employee of $5.4 million embezzlement
Duane Allen Sikes faces 10 counts of mail fraud and five counts of embezzlement of credit union funds.
Federal prosecutors allege a former mailroom employee of the Jacksonville, Fla.-based Vystar Credit Union embezzled $5.4 million over 15 years.
Duane Allen Sikes is scheduled to be arraigned on 10 felony counts of mail fraud and five felony counts of embezzlement of credit union funds in U.S. District Court in Jacksonville Tuesday.
“Upon our discovery that a former employee had defrauded the company during his employment, VyStar immediately conducted a more comprehensive internal review, reported the matter to authorities and is cooperating fully with their investigation,” VyStar said in a prepared statement.
“Importantly, this isolated incident did not in any way compromise member personal information or accounts, and is immaterial to the company’s financials. VyStar does not tolerate behavior that is contrary to our culture and high ethical values, and has taken immediate action to address the situation and even further enhance our internal processes.”
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