Monica Jackson, 42, of Murfreesboro has been charged with embezzling over $242,000 from a Nashville credit union, acting U.S. Attorney Mary Jane Stewart for the Middle District of Tennessee announced in a news release.

According to the charging document, Jackson was formerly the operations and marketing director at Lifeway Credit Union in Nashville.

The U.S. attorney alleges that between October 2016 and February 2021, Jackson embezzled $242,156 from Lifeway using a variety of methods, including by stealing cash out of the vault. Authorities say Jackson concealed these cash thefts from the vault, totaling more than $47,000, by placing small bills, such as $1 bills, in “bands” of larger bills, such as $20 or $50 bills, to make it appear as though each “band” of larger bills was full.

Another method employed by Jackson was to open lines of credit in the names of family members and then transfer the funds to accounts she controlled. Jackson took $167,312 by this method.

Finally, the charging document alleges that Jackson made fraudulent transfers totaling $27,435 to herself from the account of a deceased credit union member. Jackson used her administrative authority to lock access to the accounts she was using to commit the fraud so that other bank employees could not see those accounts, authorities say.

The U.S. attorney also seeks a forfeiture judgment of $242,156, which represents the proceeds of the crime.

If convicted, Jackson faces up to 30 years in prison and a fine of up to $1 million.

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