Check out the damage the Jackson Area Federal Credit Union suffered from the "alleged" Bridges embezzlement.
Line 41, the total assets on and off-balance sheet, is reported at $162, 360,955 on December 31, 2025. Now check out the same line in the March 31, 2026 report after the alleged embezzlement was discovered.
Assets were only $71,355,580, a change of $91 million in only one quarter or 57% less than they were in December.
Some more damage. Check out line 2(d) in December 2025.
Total cash on deposit in financial institutions: $106,033,972, a rather healthy amount. Now check it out after the embezzlement is discovered and the books are um, corrected.
The amount fell to $13,950,625 in March, $92 million less than it was at the end of 2025 as reported when Leigh Bridges was President.
The call report reflects the embezzlement as it reports a loss of $92 million in March while it reported a profit of $1.2 million in December.
The two call reports are posted below. Feel free to dig into the weeds.
18 comments:
WOW!
Why hasn’t anyone been arrested? Even a shoplifter would had been charged by now. We’re talking about 92 million!! This is why I don’t use credit unions.
We need a crypto dollar so we can hold our own money instead of a third party. Third party makes money off our money and pays us almost no interest then sometimes steal our money.
I do not understand how this went unnoticed. When I was 18 Trustmark accidentally deposited 29k into my account, and they caught their error by half way through the day. This happened way before all of the modern software and safeguards that exist today, How does a modern financial institution explain having over 90 million stolen?
Where are the indictments?
Whoever had oversight resposibilities for this outfit needs to have their ass kicked-
Seriously? The FBI is going to have to do a full forensic accounting for any prosecution can take place. That means probably 6 months to a year and they have to do it. They have to trace every dollar. Verify everything and then go seek indictments or arrest.
"Third party makes money off our money and pays us almost no interest then sometimes steal our money."
That sounds like a pretty good description of crypto exchanges.
She hit them a lick, that's for sure.
JJ, does the board still exist? If so, will they be charged?
I'm starting to think its more common for Non Profits to be criminal enterprises than it is for them to be legally run establishments.
And the boards are asleep at the wheel at best, and complicit at worst.
I don’t believe credit unions are as safe as banks. Think about who can attract better workers? Banks which pay their employees more money because banks make more money or credit unions that are a magnet for people with bad credit
Usually you have to have good credit to open a bank account. Credit unions take just anyone
Yea it does
KingFish, I have my life savings in a Credit Union. You're scaring the Hell out of me.
It's "shrinkage."
KF your right that some forensic accounting and most likely lengthy investigation will need to take place for a "prosecution" to occur but not for an arrest to occur. The FBI or Treasury Agents could go to the Federal DA and request a criminal complaint in this case based on the evidence contained in the lawsuit and in the Call Reports. A criminal complaint is used when prosecutors need to make an arrest quickly. This may happen, for example, when federal agents learn that a crime is about to occur, or has just occurred, and must act immediately. In this situation, prosecutors do not have the time to go through the grand jury process. Instead, prosecutors file a written document called a criminal complaint, together with an affidavit signed by an agent familiar with the case. A judge or magistrate judge will review the complaint and affidavit, and issue an arrest warrant if he or she finds probable cause. Once an arrest is made on a criminal complaint, federal law requires that the defendant must be charged by an indictment.
The FBI or Secret Service can examine those withdrawals in 2 weeks max and get to felony charges. It’s not rocket science to vouch debits. They are all captured on bank records. And the person who logged them is in the system documented.
Those crooks should have been in jail yesterday.
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