WHEELING, W.V. – Authorities yesterday seized six vehicles, bank accounts, a home and business they believe were financed by an embezzlement of as much as $8.9 million by the CEO of Center Valley FCU, which was shuttered by NCUA in February.
Bernie Metz, the 57-year-old former CEO, was arrested yesterday and charged with embezzlement, according to Sharon Potter, U.S. Attorney for the District of West Virginia. "There is an ongoing investigation to verify just how much money was missing from the credit union and who was responsible," Potter told The Credit Union Journal.
Metz was charged with siphoning credit union funds and using them to finance her family’s living expenses, which included the operation of their business, the Roadworthy Restaurant and Tavern in West Liberty, W.V.
The one-time $8 million credit union, which was chartered in 1975 to serve employees of the Ohio Valley Medical Center and the underserved area in south Wheeling, was closed on Feb. 13 after NCUA uncovered discrepancies in the books.
The books indicated the credit union’s 3,150 members had more than $17 million on deposit, but NCUA was only able to find about $8 million. They believe the rest was stolen by Metz.
"We’ve tracked several million of the missing funds," said Potter.
The assets seized yesterday by the IRS and U.S. Marshall’s office are: six vehicles (including two Mercedes); three accounts at Progressive Bank; the Metz residence in Valley Grove, W.V., and the Roadworthy Restaurant.
Metz had an initial appearance in court yesterday and was released on $1 million bond pending further proceedings. She is expected to be indicted by a grand jury in the coming weeks.
