SPRINGFIELD, Mass.–A former credit union loan officer has agreed to plead guilty in connection with defrauding the CU out of nearly $1 million.
According to the office of U.S. Attorney Leah B. Foley, Brian Socha, 45, agreed to plead guilty to one count of bank fraud. A plea hearing has not yet been scheduled.
Socha worked as a loan officer at the $329-million MassMutual Federal Credit Union.
Hacked into Coworkers
According to the charging document, Socha hacked into coworkers’ computers on more than 20 occasions to covertly raise the credit limit and lower the interest rate on a MassMutual home equity line of credit on the home he owned with his wife.
The computer system would reflect that one of the coworkers had made the change, according to the charging document.
Between February 2018 and November 2023, authorities said Socha increased the home equity line of credit limit from $135,500 to $995,000 and adjusted the home equity line of credit limit interest rate from 7.25% to 1.99%.
Up to 30 Years
The charge of bank fraud provides a sentence of up to 30 years in prison, five years of supervised release, and a fine of up to $1 million, the U.S. Attorney said.
The U.S. Attorney added that Socha shall forfeit any property constituting or deriving from proceeds obtained directly or indirectly, as the result of the offense. The property to be forfeited includes, but is not limited to, $902,541.15, to be entered in the form of a forfeiture judgment.
