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Date: 12-10-2019

Case Style:

United States of America v. Margurite Mary Cofell

Case Number: 0:19-cr-00047-WMW

Judge: Wilhelmina M. Wright

Court: United States District Court for the District of Minnesota (Ramsey County)

Plaintiff's Attorney: Michelle E. Jones

Defendant's Attorney:


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Description: Minneapolis, MN - The United States of America charged Marqurite Mary Cofell with credit union fraud.

MARGURITE MARY COFELL, 62, to 96 months in prison for orchestrating a multimillion dollar credit union fraud scheme. COFELL, who pleaded guilty on April 3, 2019, to one count of credit union fraud, was sentenced on December 3, 2019, before Judge Wilhelmina M. Wright in U.S. District Court in St. Paul, Minnesota.

According to the defendant’s guilty plea and documents filed in court, from at least June 2006 through January 2014, COFELL was the Manager, Chief Operating Officer and/or President of the St. Francis Campus Credit Union located in Little Falls, Minnesota. In that capacity, COFELL was responsible for the oversight of the daily operations of the credit union, and ensuring proper documentation of the credit union transactions. COFELL used her access and position to fraudulently divert credit union funds to herself and other members of the credit union, including family members, friends and businesses in the Little Falls and Flensburg area. COFELL did so by authorizing fictitious loans or increasing the balances on existing, legitimate loans without the knowledge or authorization of the borrowers, issuing checks from the credit union despite the absence of any corresponding deposits into the credit union, making fictitious electronic deposits into the accounts of credit union members that they did not contribute but later withdrew from the credit union, including an account held in her name, and accounts in the names of various family members and friends, taking cash from the tellers’ cash drawers and the credit union’s vault, and recording fictitious cash payments on loans held by family members. In total, COFELL caused a loss amount of $2,513,360.77 to the St. Francis Campus Credit Union. As a result of COFELL’s fraud, the St. Francis Campus Credit Union, which had served the Little Falls community for more than 50 years, was placed into liquidation due to insolvency.

This case was the result of an investigation conducted by the FBI.
MARGURITE MARY COFELL, 62, to 96 months in prison for orchestrating a multimillion dollar credit union fraud scheme. COFELL, who pleaded guilty on April 3, 2019, to one count of credit union fraud, was sentenced on December 3, 2019, before Judge Wilhelmina M. Wright in U.S. District Court in St. Paul, Minnesota.

According to the defendant’s guilty plea and documents filed in court, from at least June 2006 through January 2014, COFELL was the Manager, Chief Operating Officer and/or President of the St. Francis Campus Credit Union located in Little Falls, Minnesota. In that capacity, COFELL was responsible for the oversight of the daily operations of the credit union, and ensuring proper documentation of the credit union transactions. COFELL used her access and position to fraudulently divert credit union funds to herself and other members of the credit union, including family members, friends and businesses in the Little Falls and Flensburg area. COFELL did so by authorizing fictitious loans or increasing the balances on existing, legitimate loans without the knowledge or authorization of the borrowers, issuing checks from the credit union despite the absence of any corresponding deposits into the credit union, making fictitious electronic deposits into the accounts of credit union members that they did not contribute but later withdrew from the credit union, including an account held in her name, and accounts in the names of various family members and friends, taking cash from the tellers’ cash drawers and the credit union’s vault, and recording fictitious cash payments on loans held by family members. In total, COFELL caused a loss amount of $2,513,360.77 to the St. Francis Campus Credit Union. As a result of COFELL’s fraud, the St. Francis Campus Credit Union, which had served the Little Falls community for more than 50 years, was placed into liquidation due to insolvency.

This case was the result of an investigation conducted by the FBI.

Defendant Information:

MARGURITE MARY COFELL, 62

Little Falls, Minn.

Convicted:

Credit union fraud, 1 count in violation of 18 U.S.C. 1344.

Outcome: Sentenced:

96 months in prison
Five years of supervised release
$2,513,360.77 in restitution


ORDER. IT IS HEREBY ORDERED: On or before December 11, 2019, Plaintiff United States of America and Defendant Margurite Mary Cofell shall file any objection to the loss amount determined in the Presentence Investigation Report. Any objection shall be accompanied by a brief, not to exceed five pages, in support of the party's position. Each party shall file a responsive brief, not to exceed five pages, within seven days of receiving the opposing party's objection, if any. Signed by Judge Wilhelmina M. Wright on 12/4/2019. (RJE) (Entered: 12/04/2019)

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Defendant's Experts:

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