Stephanie Simontacchi has been permanently banned from the financial industry by the National Credit Union Administration (NCUA). The former Employee at Redwood Credit Union in Santa Rosa, California was found to have embezzled $437,000 from member accounts.
Enforcement Summary
Stephanie Simontacchi
NCUA
Embezzlement
The Investigation
According to NCUA enforcement records, During the period from about April 2016 to April 2019, Stephanie Simontacchi in her positions as RCU’s Senior Accountant and Accounting Manager deposited checks intended for RCU into her personal bank and credit card accounts held outside of RCU, created fictitious journal entries and support documents, and falsified the credit union’s general ledger account. As a result of Stephanie Simontacchi’s conduct, RCU suffered a monetary loss of approximately $437,000.00. On June 23, 2021, the employee was indicted in the Eastern District of California on 8 felony counts of Embezzlement of Credit Union Funds, 7 felony counts of Bank Fraud, 4 felony counts of Tax Evasion, and Forfeiture Allegations. On February 14, 2022, the employee plead guilty to one felony count of bank fraud, one felony count of misapplication and embezzlement of credit union funds, and one felony count of tax evasion. By reason of the foregoing conduct, the employee breached her fiduciary duties to RCU and its members and engaged in unsafe or unsound practices; the employee’s conduct either prejudiced or could have prejudiced the interests of RCU’s members and provided a gain or other benefit to herself. The employee’s conduct demonstrated personal dishonesty and/or unfitness to participate in conducting the affairs of a credit union.
Terms of the Prohibition Order
Under the Consent Order, Stephanie Simontacchi 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 Stephanie Simontacchi 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 Stephanie Simontacchi on May 20, 2022 and issued by the NCUA (Regional Director Cherie L. Freed) on June 3, 2022.
Report Credit Union Misconduct
If you have information about Stephanie Simontacchi or any banned individual operating in the financial industry, you are encouraged to report this activity immediately.
Source: NCUA Enforcement Actions (Docket 21-WR-0130). Data current as of 2022.
Individuals subject to regulatory actions may contest findings or have additional context not reflected in public records.