Published: November 21, 2007 08:21 pm      

Embezzlement defendant pleads not guilty

A former Obelisk Federal Credit Union head teller — charged with stealing $7 million from the company — appeared in New Albany’s federal district court Tuesday.

An automatic plea of not guilty was entered for Patricia H. Sherman, a Louisville resident. Magistrate judges cannot accept guilty pleas, a court clerk said.

Sherman faces a maximum penalty of 30 years in prison and a $1 million fine. There is no further court date scheduled.

Her indictment alleges she embezzled money from an Obelisk vault from May 2003 until this March, spending much of it at area casinos.

Obelisk is now controlled by Centra Credit Union.