Kevin Spratt has been permanently banned from the financial industry by the National Credit Union Administration (NCUA). The former Senior Branch Sales Representative at Police & Fire Federal Credit Union in Philadelphia, Pennsylvania was removed following misconduct that breached fiduciary duties to the credit union and its members.
Enforcement Summary
Kevin Spratt
NCUA
Misconduct
The Investigation
According to NCUA enforcement records, Kevin Spratt began his employment at PFFCU on May 13, 2013, and was a Senior Branch Sales Representative at the time of his termination from the credit union on October 1, 2022. Kevin Spratt’s duties at the credit union included helping prospective members open new share and loan accounts and assisting existing members with transactions, including cash withdrawals, deposits, transfers, and loans. As a result of his position, the employee had significant access to member accounts and information. On or about September 30, 2022, PFFCU learned that the employee had been embezzling funds from member accounts, including the use of fictitious loans in member names. As a result of the employee’s conduct PFFCU incurred significant losses, and the credit union terminated his employment. The employee was subsequently prosecuted for bank fraud and aggravated identity theft. On October 15, 2024, the employee pled guilty to one count of bank fraud, 18 U.S.C. § 1344, and one count of aggravated identity theft, 18 U.S.C. § 1028A, United States of America v. The employee, U.S. District Court, Eastern District of Pennsylvania (Case No. 2:24-cr-00344). By reason of the foregoing conduct, the employee inter alia breached his fiduciary duties to PFFCU and its members and engaged in unsafe or unsound practices; the employee’s conduct either prejudiced or could have prejudiced the interests of PFFCU’s members and provided a gain or other benefit to himself. The employee’s conduct demonstrated personal dishonesty and/or unfitness to participate in conducting the affairs of a credit union.
Criminal Prosecution
Kevin pled guilty to violations of 18 U.S.C. § 1344 (Case No. 2:24-cr-00344). Criminal prosecution in embezzlement cases demonstrates the severity of the misconduct and often results in additional penalties including restitution, probation, or imprisonment.
Terms of the Prohibition Order
Under the Consent Order, Kevin Spratt is permanently prohibited from:
- Participate in any manner in the conduct of affairs of financial institutions
- Solicit, procure, transfer, or vote any proxy with respect to voting rights
- Serve or act as an institution-affiliated party
- Vote for a director or serve as a director, officer, or employee
This prohibition applies to:
- Any insured depository institution
- Any insured credit union under the Federal Credit Union Act
- Any institution chartered under the Farm Credit Act
- The Federal Housing Finance Agency and any Federal home loan bank
Industry-Wide Ban
The NCUA has issued a Consent Prohibition Order permanently banning Kevin Spratt from participating in the affairs of any federally insured financial institution. This prohibition extends to serving as a director, officer, or employee of any insured depository institution, as well as voting on any matters affecting credit unions or banks.
The ban applies to all FDIC-insured banks, federal credit unions, and other regulated financial institutions nationwide. This ensures that individuals who breach their fiduciary duties cannot simply move to another institution and repeat their misconduct.
The Consent Order was signed by Kevin Spratt on May 16, 2025 and issued by the NCUA (Regional Director John Kutchey) on May 28, 2025.
Report Credit Union Misconduct
If you have information about Kevin Spratt or any banned individual operating in the financial industry, you are encouraged to report this activity immediately.
Source: NCUA Enforcement Actions (Docket 25-0029-ER). Data current as of 2025.
Individuals subject to regulatory actions may contest findings or have additional context not reflected in public records.