BRIDGEPORT, Conn. (AP) — The former CEO of a Connecticut credit union who diverted hundreds of thousands of dollars of credit union money to a restaurant where he worked as a bookkeeper has avoided a lengthy prison sentence.
Federal prosecutors say 55-year-old James Farrell, of East Haven, was sentenced Tuesday to one day of imprisonment, time served, two years of probation and 50 hours of community service.
Prosecutors say while CEO of the New Haven County Credit Union, Farrell also provided financial and bookkeeping services to The Rib House restaurant.
They say over several years, when The Rib House had financial difficulties, Farrell transferred more than $600,000 of credit union money to the restaurant. He replaced about $370,000 of that. He has since made full restitution.
He pleaded guilty in August to bank fraud.
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