Bonding Company Gets OK To Garnish Portion of Joyce Judy's Paycheck

by Arkansas Business Staff  on Monday, Aug. 11, 2014 12:00 am  

It looks like the bonding company that was stung by Joyce Judy, the former president of the Arkansas Employees Federal Credit Union in Little Rock, will start to recover some of the money she swiped.

Judy, as you know, pleaded guilty to bank fraud in 2011, admitting she stole $500,000 from an AEFCU customer with the promise of moving it into a super-safe, high-yielding CD. Instead, she added the stolen money with another $500,000, mostly borrowed, in order to invest with a retired racecar driver named Bob Schacht in what turned out to be an international scam.

Now that she’s out of prison after serving a 26-month sentence, Judy landed a job at Eagle Construction & Utilities LLC in Benton, where she earns $400 a week.

Cumis Insurance Society Inc., the bonding company that paid the $500,000 to cover Judy’s theft at the credit union, has gotten a Pulaski County Circuit Court order to garnish Judy’s wages.

Judy takes home $332 a week after taxes and other deductions. Then Cumis can take 25 percent of her net disposable income to apply toward the judgment. That will leave her with $249 a week.

Cumis said that Judy had paid $1,036 on her total judgment of $588,582 as of April 21. At this rate she will have her debt repaid in a little more than 136 years.

Judy declined to comment to Whispers last week.



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