The former chief financial officer of a Charleston homeless shelter has been sentenced after she admitted embezzling more than $400,000 from the shelter.
Former Crisis Ministries CFO Carol Libby was sentenced to four years in a federal prison for embezzling $440,000 from shelter over a seven-year period. She had pleaded guilty to wire fraud back in June.
Prosecutors said the Mount Pleasant resident managed the nonprofit’s funds for eight years. She was arrested in April after the organization said a bank alerted it to the missing money. Court documents showed Libby caused more than 400 unauthorized checks to be issued to actual vendors and suppliers of Crisis Ministries. She then forged the names of the vendors on the back of the checks and wrote her bank account number under the forged endorsements. Through a series of financial manipulations involving wire communications, Libby caused the unauthorized checks to be deposited into bank accounts over which she had control.
Libby must also repay $270,000 in restitution and be supervised for three years after her release from prison. Libby pleaded guilty in June to one count of wire fraud.