The former CEO of a Connecticut credit union has pleaded guilty to diverting hundreds of thousands of dollars of credit union money to a restaurant where he worked as a bookkeeper.
Federal prosecutors say 55-year-old James Farrell, of East Haven, waived his right to be indicted and pleaded guilty Wednesday in U.S. District Court in Bridgeport to bank fraud.
Prosecutors said that while CEO of the New Haven County Credit Union, he also provided financial and bookkeeping services to The Rib House, an East Haven restaurant.
They said that over a period of several years, when The Rib House had financial difficulties, Farrell fraudulently transferred more than $600,000 of credit union money to the restaurant. He replaced about $370,000 of that.
Farrell was released on bond and sentencing is scheduled for Nov. 20. He has already made restitution.