FBI Wire Snares Scammer Who Took Money Wired from Joyce Judy

by Arkansas Business Staff  on Monday, Nov. 18, 2013 12:00 am  

Joyce Judy, the former president of Arkansas Employees Federal Credit Union in Little Rock, has returned home, but she’s still under supervision by the Federal Bureau of Prisons until January.

Judy 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 combined it 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.

Which leads us to this news: The British man to whom Schacht allegedly wired Judy’s $1 million has been indicted in South Carolina. And, in a delicious irony, Emlyn Mousley was arrested because he fell for an FBI sting.

An affidavit filed in federal court in Greenville, S.C., says an informant posing as a potential investor met with Mousley in Phoenix in September. Arizona FBI agents warned Mousley that his investment pitch was being investigated as a fraud.

Mousley then met with the informant in South Carolina and, with the FBI listening, offered him a different investment with a guaranteed return of between 80 and 100 percent.

Mousley was arrested that day, Sept. 9, but was allowed to return to the U.K. after posting a $15,000 cash bond. Last week a grand jury indicted him on three counts of wire fraud.



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