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Montgomery woman sentenced for bank fraud

The former Executive Director of the Crestview Chamber of Commerce, Valarie Lott, was sentenced to three years in state prison for organized fraud on Tuesday. (MGN)
The former Executive Director of the Crestview Chamber of Commerce, Valarie Lott, was sentenced to three years in state prison for organized fraud on Tuesday. (MGN)(WJHG)
Published: Feb. 13, 2020 at 4:42 PM CST
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A former Valex Federal Credit Union loan officer and assistant manager was sentenced on Thursday to 21 months in federal prison followed by two years of supervised release for bank fraud, announced United States Attorney David C. Joseph.

U.S. District Judge Dee D. Drell also ordered Cynthia J. Feazell, 49, of Montgomery, to pay $221,426.44 in restitution to Valex Federal Credit Union’s insurer, CUNA Mutual – CUMIS Insurance (CUMIS).

According to court documents, Feazell worked as a loan officer and assistant manager at Valex Federal Credit Union (Valex) in Rapides Parish from 1997 to 2016. The defendant decided to purchase a mobile home in 2015 and obtained loan funds from Valex. She did not qualify for the loan, so she transferred three-vehicle loans taken out in her name to her mother’s name in order to lower her debt-to-equity ratio so that it would appear she qualified for the loan.

Additionally, Feazell authorized loans for her ex-husband, even though she knew he did not meet the Valex credit requirements.

Feazell admitted at her guilty plea on September 10, 2019, that she falsified documents to accomplish the scheme and was aware her actions were fraudulent.

Copyright 2020 DOJ. All rights reserved.

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