Defendant Pleads Guilty to Embezzling More Than $400,000 from
Sacramento-Based Credit Union

SACRAMENTO, Calif.—United States Attorney McGregor W. Scott announced today that RICHARD JAMES DITZEL, 41, of Sacramento, Calif., pleaded guilty today before United States District Judge Lawrence K. Karlton to two counts of embezzling funds from Capital Power Credit Union (now SAFE Credit Union).

This case is the result of an investigation conducted by the FBI. According to Assistant United States Attorney Courtney J. Linn, who is prosecuting this case, DITZEL admitted that while employed as the Finance and Account Manager at Capital Power, he embezzled approximately $409,000 between February 2001 and the end of July 2007. He embezzled Capital Power checks and diverted the proceeds to his personal use. To conceal his activities, he made false entries in Capital Power’s general ledger showing fictitious Capital Power expenditures. His embezzlement activities first came to light when Capital Power and SAFE Credit Union were executing a merger of the two institutions in the Summer of 2007. In March 2008, the FBI executed a search warrant and recovered collectible coins and other valuables purchased with the embezzled funds. As part of his plea agreement, DITZEL has agreed that the FBI may transfer those items directly to SAFE Credit Union as partial restitution.

DITZEL’s sentencing is set for August 5, 2008 at 9:30 a.m. before District Judge Lawrence K. Karlton. The maximum sentence for each of DITZEL’s offenses of conviction is 30 years in prison and a fine of $1,000,000. The actual sentence, however, will be determined at the discretion of the court after consideration of the Federal Sentencing Guidelines, which take into account a number of variables and any applicable statutory sentencing factors.

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