IN THE MATTER OF  Theresa Ann Cabral,  An Institution-Affiliated Party and Person  Participating in the Affairs of  Espirito Santo Federal Credit Union, Fall River, Massachusetts.

No. 99-0701-I

 

Pursuant to Section 206(i)(1) of the Federal Credit Union Act, 12 U.S.C. §1786(i)(1), you are hereby notified that you are prohibited from participating in any manner in the affairs of any federally insured credit union. This prohibition results from activities you engaged in during your affiliation with Espirito Santo Federal Credit Union. This prohibition is effective immediately upon service. In accordance with Section 206(g)(7)(A) of the Federal Credit Union Act, 12 U.S.C. §1786(g)(7)(A), this Order shall constitute a prohibition from further participation in any manner in the affairs of any federally insured financial institution, or other entity identified therein, without the written permission of the appropriate federal regulatory agency. This Order has been issued based upon the following information.

You pleaded guilty to one count of Title 18, United States Code, Section 371, conspiracy and to 20 counts of Title 18, United States Code, Section 657, misapplication by credit union officer of credit union funds. You were sentenced on November 16, 1998, by the U.S. District Court for the District of Massachusetts, to imprisonment for 38 months, followed by 36 months of supervised release and ordered to pay restitution in the amount of $7,360,570.00 to the National Credit Union Share Insurance Fund. A copy of the Judgment in a Criminal Case, dated November 16, 1998, is attached to this Order as Attachment 1 and is incorporated by reference herein.

The offenses of which you were convicted, conspiracy and misapplication of funds, were committed while you were employed as the assistant manager of Espirito Santo Federal Credit Union located in Fall River, Massachusetts. At the time of your criminal actions, Espirito Santo Federal Credit Union was a federally-insured credit union.

The offenses to which you pleaded guilty involve personal dishonesty and breach of trust. Your continued participation in the affairs of any federally insured credit union may pose a threat to the interests of credit union members and may threaten to impair public confidence in the credit union involved.

Pursuant to Section 206(i)(3), of the Federal Credit Union Act, 12 U.S.C. §1786(i)(3), you may request in writing, within thirty days of service of this Order, an opportunity for a hearing at which you may present evidence and argument that your continued participation in the affairs of any federally insured credit union would not, or would not be likely to, pose a threat to the interests of that credit union's members or threaten to impair public confidence in the credit union. Any such request should be sent to: Secretary of the Board, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428. This hearing will be held in the Washington, D.C. metropolitan area, or such other place as designated by the Board, in accordance with Subpart D of Part 747 of the National Credit Union Administration's Rules and Regulations, 12 C.F.R. §747.301 et. seq.

Pursuant to Section 206(k)(2) of the Federal Credit Union Act, 12 U.S.C. §1786(k)(2), any violation of this Order may subject you to a Civil Money Penalty of up to $1,000,000.00 a day for each day said violation continues. In addition, pursuant to Section 206(I) of the Federal Credit Union Act, 12 U.S.C. §1786(I), any violation of this Order is a felony offense that is punishable by imprisonment of up to five years and a fine of up to $1,000,000.00.

Dated this day of April, 1999.
 

National Credit Union Administration

by

Anthony J. LaCreta
Acting Regional Director, Region I
National Credit Union Administration