Ipswich/Felixstowe: Credit union boss charged with stealing �100,000

A former manager of a Suffolk credit union has been charged with stealing a total of �100,000 from the profit-sharing co-operative, it can be revealed today.

Simon Pain, of London Road, Ipswich, was accused of five offences when he answered his police bail earlier this week.

The 39-year-old ex-boss of Ipswich and Suffolk Credit Union (ISCU) is to appear before South East Suffolk Magistrates’ Court next Wednesday.

Following the charges being laid against Pain, the union moved to reassure its members their savings were safe.

The first charge alleges that at the credit union in Austin Street, Ipswich, between April 15 and September 1, 2010 Pain stole cash to the value of �40,000 belonging to Ipswich and Suffolk Credit Union.


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Ipswich police have confirmed the second allegation relates to the same period, but the amount of cash involved is said to be �60,000.

Pain is also accused of committing fraud by dishonestly making a false loan application intending to make a financial gain for himself.

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A fourth charge alleges he committed fraud by dishonestly making a false representation by creating cheques from members’ accounts intending to cause a loss to the credit union and its members.

The final allegation relates to transferring or removing criminal property, namely cash, by means of purchasing various items.

It is understood an investigation began after an internal spot audit of the accounts in August 2010.

After Pain was charged, the ISCU released a statement, which read: “The police, our auditors, our insurance company and the Financial Services Authority (FSA) were informed of the investigation. The police have interviewed the employee concerned and a prosecution is pending.

“We are therefore unable to provide any further information at this time.

“ISCU has a contingency plan which was immediately put into effect. Since the investigation commenced, there has been no interruption to our usual service to members, which includes savings accounts, loans and pre-paid debit cards.

“ISCU would like to reassure all existing and future members that their savings are completely secure.”

Before he was the manager at the union’s Austin Street offices, Pain worked at the Felixstowe branch. He also previously lived in Felixstowe.

ISCU has 5,000 members and will celebrate its 10th anniversary next year.

It covers Ipswich, Haverhill, Bury St Edmunds, Felixstowe, Newmarket, Mildenhall, Woodbridge and rural Suffolk.

A credit union is a profit-sharing co-operative offering deposit accounts and low interest loans for its members.

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