'Phenomenal breach of trust': Cork credit union worker stole €400,000 from accounts
A 55-year-old credit union board member was remanded in custody today for the theft of €407,000 as the judge described both the fraud and the breach of trust as reaching a phenomenal level.
Moira Coughlan has self-harmed since her crimes were detected but was described as anxious to raise compensation in the order of €200,000 if given time.
Her barrister, Patrick O’Riordan, asked the judge not to remand her in custody and sought time for her to gather as much compensation as possible. Mr O’Riordan referred to the superior courts imposing non-custodial sentences in exceptional cases of this kind.
Judge Seán Ó Donnabháin said, “If the superior courts think this could be disposed of on a non-custodial basis I would like to see it. Under no circumstances am I going to deal with this – even on full compensation – on a non-custodial basis.
Given the phenomenal breach of trust – she was the insurance officer in the credit union – the level of fraud is of a phenomenally high value. It went on for such a length of time.
"Irrespective of compensation I will not deal with this on a fully suspended basis. I will remand her in custody until February 8.”
Ms Coughlan, 55, of The Stables, Mineville, Knocknahorgan, Sallybrook in Glanmire, Co Cork, pleaded guilty previously at Cork Circuit Criminal Court to 592 offences relating to the theft of the money from Synergy/Fermoy Credit Union in Co Cork.
Detective Garda James O’Shea testified about the background to the case. He said the total amount of money stolen by the accused between 2009 and 2016 amounted to just over €407,000.
The charges against her consisted of 251 for theft, 300 for fraudulent use of a computer and 41 for false accounting.
The thefts arose out of transactions totalling €1.5m on 27 accounts.
A small number of accounts were ones for which she had authority but most of them were accounts of deceased credit union members.
Det. Garda O’Shea said the accounts were in probate and the accused was in a trusted position where she was a member of the board of the credit union.
The financial controller of the credit union – known as Synergy as it is an amalgamation of a number of credit unions including Fermoy – noticed an unusual action on a deceased member’s account. An internal investigation was conducted.
As for the thefts and fraudulent actions were carried out the detective explained that the accused was transferring money from account to account.
When probation on a deceased member’s account was finalised the defendant would transfer money from other accounts into that account to bring the balance to what it should have been, the detective explained.
No members were at a financial loss. In a victim impact statement on behalf of the credit union, a hope was expressed that her punishment would be proportionate to her actions.
In relation to what the €407,000 was used for the defendant said when interviewed, Ms Coughlan had stated “day to day living” but the detective said that was hard to believe as she would steal €5,000 one day and €3,000 another time.
At the highpoint of the crimes, she stole €78,000 in 2012 and €72,000 the following year.
She also referred to a house loan but there was no supporting documentation, the detective said.
Patrick O’Riordan defence barrister said it all started with various loans that the accused had with the credit union which she could not replay. He said she co-operated in full with the investigation.
She lost her marriage and moved out of Mitchelstown as a direct result of her actions and she has had psychiatric difficulties including self-harm, Det. Garda O’Shea said.
The total amount referred to in the charges is €407,441.94 and the offences were contrary to the Criminal Justice (Theft and Fraud Offences Act). The offences occurred at various dates from 2009 to 2015.
