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Sam Penrod reporting Leaders of Credit Unions are trying to re-assure people that their deposits are secure, even as a probe examines suspected embezzlement at the Utah Copper Employees Credit Union.
As Eyewitness News first reported last night, a former employee of the credit union is the subject of an FBI investigation into accusations large amounts of money have been stolen.
The Utah League of Credit Unions wants to emphasize that everyone who has money in the Copper Employees credit union has not or will not lose any money.
Still they admit there is an investigation underway at the credit union into alleged wrongdoing.
Both the FBI and the state supervisor of credit unions has confirmed that agents and auditors are looking into allegations.
Those allegations focus on the president of the credit union, who allegedly stole large amounts of money over several years.
The president is no longer employed at the credit union.
Confirmation of the investigation comes after rumors of potential problems, which have been circulating for weeks among members of the credit union.
Scott Earl, President Utah League of Credit Unions: "THE CREDIT UNION HAS ITS OWN TEAM OF AUDITORS THAT ARE IN LOOKING AT THE SITUATION, BUT THE IMPORTANT THING AGAIN, IS THAT THE CREDIT UNION IS OPEN, IT WAS NEVER CLOSED."
State financial representatives and the National Credit Union Association are also looking into any illegal activity.
Deposits at the credit union are both federally insured and privately bonded which means if any money is found to be missing, it will be replaced.
No one from the U-S attorney's office will discuss the case.
But so far no criminal charges have been filed and the investigation appears to be in the early stages.