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Sep 26, 2001

Three charged in credit union theft

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Three high level employees of Mount Carmel Credit Union in Benque Viejo were today arrested and charged in what may be the biggest embezzlement case in the nation’s history. The credit union’s manager Rosita Rosado, assistant manager Julio Santos and loan officer Martita Duarte were all charged with theft before Magistrate Joel Genitty. The three came under suspicion when an audit by the department of co-operatives and credit unions revealed a shortage of over five hundred and eighty thousand dollars. Bail for the trio was set at one hundred thousand dollars each plus one surety of the same amount. At news time, we are informed that only Rosado had made bail and was released. Reacting to fears by credit union members in Benque Viejo and nation-wide, the Belize Credit Union League today issued a press release assuring depositors that the credit union movement is strong and members’ savings are well protected. Over seventy thousand Belizeans belong to credit unions and the institutions boast combined assets in excess of two hundred and eight million dollars.

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