FSU Credit Union Employee fired for stealing $825,000 from customer accounts

An investigation reveals 24 accounts were compromised

The Florida State University Credit Union announced yesterday that they fired an employee for allegedly pocketing $825,000 over the span of a three-year period.

The former lending director of the Sharer Road branch, Kevin Lee, 33, had reportedly worked for the financial institution for over 11 years before an investigation was launched against him on Nov. 12 as a result of an account discrepancy. The investigation discovered Lee abused his position to compromise 24 member accounts. Lee was fired the same day the discoveries were made.

The credit union, running since 1954, operates with assets upwards of $214.5 million with nine locations stretching across our North Florida region. Though not controlled by the university, the credit union still houses accounts for FSU bodies and deems itself the official credit union for FSU athletics.

About $75,000 of the total embezzled was recovered from Lee before he could spend it, and all customer losses have been restored through the credit union’s private insurance, according to a statement.

According to the credit union, Lee openly admitted to the embezzlement in a meeting between officials and Lee’s attorney, Eric Abrahamsen. As the investigation continues, no charges have been placed against Lee, but credit union officials stated that they anticipate charges being filed.

The credit union is taking several measures to strengthen the investigation and implement precautionary measures for future fraud.

Several statements have been released from credit union officials on the matter. At this time, Lee and Abrahamsen have yet to comment on the details of the case.

Florida State University