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Bank Fraud: Another Former CEO Charged

FORMER CEO OF CREDIT UNION charged with Bank Fraud

Though less bank fraud is seen today than a decade ago, the numbers in individual instances can be staggering. Following an FBI conducted investigation, Sean E. Jelen, who served as CEO of Valor Federal Credit Union from July 2014 to August 2015; was recently accused of multiple occasions of forging and altering documents he created. The scheme allegedly devised by Jelen defrauded Valor of approximately $718,000. Some of that money went to pay for Jelen’s personal credit card, graduate tuition, a golf tournament sponsorship and Jelen’s spouse’s birthday party. While serving as CEO of the Scranton PA based Credit Union, Jelen is also charged with rigging Valor Board of Director elections, whereby he elected, then impersonated invented members of the Board of directors and its supervising committee.

Jelen is also charged with attempting to obtain an additional more than $1.14 million through fraudulent means and with creating a forged severance contract that would be triggered by his termination. Hmmm. Looks like Jelen’s “golden” parachute may have turned to brass.

The maximum penalty under federal law, if found guilty for the charges brought, is 60 years of imprisonment, a term of supervised release following imprisonment and a fine. Under federal sentencing guidelines, the judge is required to consider and weigh factors including the nature, circumstances and seriousness of the offense, history and characteristics of the defendant and the need to punish the defendant, protect the public and provide for defendants educational, vocational and medical needs. That means the maximum is rarely the potential outcome.

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