Former Credit Union CEO Pleads Guilty To Embezzlement And Tax Evasion Totaling Millions

A former CEO of a Johnson City credit union is expected to be sentenced this fall after pleading guilty to theft and tax evasion charges. 49 year old Sherry Ann Allen of Johnson City pleaded guilty to embezzling more than one million dollars from the Greater Eastern Credit Union. Allen admitted to illegally taking the money over a six year period and using it to cover credit card expenses, buy cars, cruises, trips, clothing and jewelry. Allen faces a maximum sentence of thirty years in prison and will have to pay restitution to the credit union.