PORTLAND, Maine — A Portland man faces up to 30 years in prison after pleading guilty on Wednesday in federal court to embezzling more than $400,000 from the Portland Police Department credit union.
John C. Barry, 69, the former manager of the Portland Police Department Federal Credit Union, embezzled more than $400,000 from credit union accounts by transferring the funds into his and his family members’ accounts for his and their personal use between 2009 and December 2013, according to a release from U.S. Attorney Thomas E. Delahanty II.
He also prepared and submitted false quarterly reports to the National Credit Union Association that caused the credit union’s net worth to be overstated and make it appear that the credit union was sufficiently capitalized.
As a result, on Dec. 2, 2014, the National Credit Union Association facilitated the acquisition of the Portland police credit union by a larger federal credit union, the release states.
In addition to a potential 30-year sentence, Barry faces five years of supervised release and a $1 million fine on each charge. A date for sentencing has not yet been set.