Woman pleads guilty to financial theft; owes credit union more than $1 million

A former loan officer and branch manager for the IAM Community Federal Credit Union pleaded guilty Monday to financial institution theft and has agreed she owes about $1.5 million in restitution.

Jennifer Arnette entered the plea Monday in U.S. District Court in Montgomery.

Arnette waived her right to be indicted pursuant to a guilty plea based on a federal information filed recently in federal court. As part of her guilty plea, Arnette admitted to several means of embezzling and misapplying funds from the credit union while she worked there until March of 2013.

According to court documents, Arnette admitted to the following actions:

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