Kevin Spratt, a former senior branch sales representative at a federally insured credit union in South Philadelphia, has been sentenced to 27 months in prison. The sentencing was announced by Acting United States Attorney Nelson S.T. Thayer, Jr. Spratt was found guilty of defrauding his employer and multiple credit union members of approximately $772,155.84 through fraudulent loans and unauthorized withdrawals.
In addition to the prison term, Judge Anita B. Brody ordered Spratt to serve five years of supervised release and pay restitution totaling $822,155.84.
Spratt's fraudulent activities were conducted between October 2018 and September 2022. He admitted to taking out around 32 loans in the names of unsuspecting credit union members and using the proceeds for personal gain. From February 2020 through September 2022, he also withdrew funds from accounts belonging to twelve credit union members without their authorization.
To execute his scheme, Spratt misled credit union tellers by providing photocopies of members’ driver’s licenses as false evidence that they were present during transactions. This allowed him access to withdraw funds via cash machines.
Court documents reveal that Spratt interacted with most victims personally and took steps to limit their access to banking services by stopping paper bank statements. This manipulation forced victims to deal directly with him regarding any account issues.
“While Spratt’s theft from his employer was inexcusable, his theft from clients who knew and trusted him was especially odious,” stated Acting U.S. Attorney Thayer. “When crooks like this defraud businesses and steal other people’s hard-earned money, we and our law enforcement partners stand ready to investigate, prosecute, and hold them responsible for their crimes.”
Edward V. Owens, Special Agent in Charge of HSI Philadelphia, emphasized the importance of protecting financial institutions: “This case highlights the importance of safeguarding our financial institutions... Kevin Spratt's actions not only defrauded the credit union and its members but also betrayed the very principles of integrity... We will continue to work tirelessly to uphold the rule of law.”
The investigation was carried out by Homeland Security Investigations (HSI), with prosecution led by Assistant United States Attorney Linwood C. Wright, Jr.
