The former president of Laclede Community Credit Union has pleaded guilty to bank fraud. The United States Attorney’s office says 54-year-old Paul C. Smith of East Alton entered the plea this week after having been indicted by a federal grand jury last November. Smith worked for the credit union from November 1977 until his resignation in June of 2012.
He held various positions, including president for the final six months of his employment. He was also the treasurer for a credit union trade association, and was convicted for making cash advances and purchases with the association’s credit card. The U.S. Attorney’s office says he would then manipulate the bank’s computers so that expenses would not be reflected against the trade association’s account. Investigators identified more than $58,000 in purchases and ATM withdrawals on that card from 2007-2012. Smith will be sentenced September 29.