Former president of Charlotte credit union indicted on federal fraud charges

CHARLOTTE, NC — A federal grand jury has indicted the former president of First Legacy Community Credit Union (FLCCU) in Charlotte on theft and embezzlement charges.

Saundra Torrence, AKA Saundra Scales, was scheduled to appear in federal court Wednesday.

"As you heard in court, we've pleaded not guilty," Torrence’s defense attorney John Snyder said in court Wednesday. "We've had a chance to examine the charges. We disagree with how the government is classifying the financial transactions."

Torrence was president and CEO from 1985 through 2012. The institution was given $1 million worth of TARP funds to help underserved communities.

FBI agents said Torrence defrauded the institution out of $375,000 by falsifying records and paying herself and others.

"We know her from coming in and out of here,” customer Jasper Jamison said. “Yeah, she really is a good person. It's mind-blowing. It really is."

Torrence is charged with 13 counts of theft and embezzlement from a financial institution, 19 counts of making or causing false entries; and one count of fraudulent participation. Each of the counts carries a maximum penalty of 30 years in prison, a $1 million fine, or both.

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