California Vice President Admits $277,000 Embezzlement

Alan L. Axt, ex-vice president of member services for the United Food & Commercial Workers Local 1288 Federal Credit Union, pled guilty Sept. 4 to embezzling $277,335 from the financial institution based in Fresno, Cal. Axt admitted before U.S. Dist. Judge Oliver W. Wanger (E.D. Cal., H.W. Bush) that he stole the money from Mar. 1999 to Nov. 2000. The plea had been postponed on several occasions; his attorney David Gottlieb said Axt is being treated by a psychiatrist for depression and other problems. The money was insured by the Nat’l Credit Union Admin., making the embezzlement a federal crime. Axt was facing a maximum of 30 years in prison and a $1 million fine, but his sentence is expected to be much less because of his plea. Wanger set Dec. 3 for sentencing and allowed Axt to remain free on his own recognizance. [Fresno Bee 9/5/01]