Insider Steals $2 Million from 4 Credit Unions

In a case of insider fraud, a Utah computer consultant was sentenced to five years in prison for stealing nearly $2 million from four Utah credit unions by programming extra deposits for himself.

On April 27, a judge sentenced 43-year-old Zeldon Thomas Morris to 63 months in prison and ordered he pay back over $1.8 million.

Morris pleaded guilty to taking the funds from Deseret First Credit Union, First Credit Union, Alpine Credit Union and Family First Credit Union in 2008. The FBI says they discovered he was hired to help the credit unions with computer upgrades. Instead, he used the passwords to create accounts for himself.

Morris admitted to transferring the money to his joint business account, Lee and Morris Enterprises LLC. He remodeled his home and paid for two cars with the money. He begins his prison sentence June 18. Morris was investigated after a business partner saw something suspicious and reported it.

About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.

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