(Cleveland) - A Lakewood man was charged with embezzling more than $1.8 million from a Euclid credit union and using the money to pay approximately 15 personal credit card accounts.

A two-count criminal information was filed charging William J. Memmer, 63, with one count of embezzlement and one count of making false entries in credit union records and reports.

Mike Tobin of the U.S. Attorney's Office says, “When those who hold trusted positions in financial institutions and those they work with betray the trust of the depositors, as is alleged in this matter, federal law enforcement will take all appropriate action to hold them accountable.

Tobin tells Newsradio WTAM 1100, Memmer took advantage of his high-level position of trust by falsifying records and funneling money that was not his to pay his credit card bills.

Memmer was employed as Assistant Manager/Treasurer of the GIC Federal Credit Union (GIC), which maintained an office at 26255 Euclid Avenue, in Euclid, Ohio.

Tobin contends, from as early as 2006, Memmer maintained approximately 15 credit card accounts, and took blank GIC checks and drafted them payable to the credit card companies in payment of his personal obligation, then concealed the taking of the checks and embezzlement of the GIC funds.

Tobin says, these actions caused a loss to the credit union of at least $1,843,007.

Investigators contend as early as 2003, Memmer falsified quarterly financial reports to hide operating losses. He is also alleged to have falsified confirmations of GIC assets by as much as $5.7 million, according to the information.

Upon discovery of the fraud, the National Credit Union Administration closed GIC, and began the liquidation process in December 2012. The liquidation is ongoing.

The case is being prosecuted by Assistant U.S. Attorney James V. Moroney, following investigation by agents of the Federal Bureau of Investigation’s Cleveland Office.

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