Fife credit union worker faces jail over £80,000 embezzlement

Margaret Bond set up 42 loans on the non-profit Kingdom Credit Union’s systems totalling £79,120, Kirkcaldy Sheriff Court heard yesterday.

The money was wired into her own bank account and the scam was only spotted when a check on interest rates found one of the loans was at a far lower interest rate than it should have been.

Bond, 48, of Leven in Fife, pled guilty on indictment to a charge of embezzlement.

Fiscal depute Lindsey Armstrong told the court that Bond had worked at the union since 2009, and was one of a “limited, select” group of staff with access to its online banking service.

The fraud was carried out between August 9, 2013, and August 7, 2014, at the union’s offices in Leven and Glenrothes.

Ms Armstrong said: “In the course of her duties the accused had access to the organisation’s banking system, placing her in a position of trust.

“To access the banking system she had to insert a card into a card reader and use a unique PIN number.

“Records show which individual member of staff has carried out the transactions on the account.

“Following a check on interest rates on loans a particular loan was highlighted as having a lower interest rate than it should have.”

Dewar Spence, defending, said the loans had not all been of high amounts and she had used the money from each loan to pay off the last.

He added that it was unclear how much cash the Credit Union lost overall.

Mr Spence said: “My understanding from her was that when she created certain loans some of them immediately repaid other loans she had created.”

Sheriff Jamie Gilchrist QC deferred sentence until next month for social work background reports and released Bond on bail meantime.