Belle Vernon woman charged with embezzling $340K from local bank
A Belle Vernon woman allegedly stole $340,200 from a local credit union where she worked and told her employer that an electrical fire was responsible for the missing money, according to a federal indictment.
Patty Lynn Mavrakis, 63, was a branch manager for Valley 1st Community Federal Credit Union when the alleged theft occurred. Court filings did not indicate at which branch Mavrakis worked.
Prosecutors contend she embezzled the funds between September and December of 2016, and in an attempt to hide the theft, started a fire in the credit union’s safe.
According to court paperwork, Mavrakis “falsely reported to other bank employees and her supervisor that an electrical wire for the safe’s alarm sparked and ignited the currency in the safe.”
Following the fire, she made an insurance claim on behalf of the credit union for the missing money.
Mavrakis was indicted Thursday on charges of embezzlement from a federal credit union, wire fraud, and use of fire to commit a federal felony. On Friday, a federal judge scheduled her arraignment in the case for Sept. 1.
Prosecutors have asked for a $50,000 unsecured bond.
As a result of the charges, Mavrakis could face up to 60 years in prison and a fine of $1.5 million.