United States v. Amy Schachter

United States Attorney Michael A. Rattle announced today that Amy Schachter, age 37, of Olean, New York, was sentenced by U.S. District Judge William M. Skretny to 29 months imprisonment and ordered to pay restitution in the.amount of $248,500.

Assistant U.S. Attorney Marie P. Grisanti stated that the defendant embezzled $248,500 in student loan money from June of 1998 through July of 2002 while employed in the financial aid office of the Saint Francis School for Practical Nursing. Ms. Schachter applied for student loans in her name and in the names of others.

Ms. Grisanti said that Schachter, in her capacity as an employee in the financial aid office for the school, falsely certified that these individuals were students at the school. When the student loan checks were received, Schachter, or a third party, cashed the checks and kept some of the money.

The guilty plea was the culmination of an investigation by the United States Department of Education, Office of Inspector General, under the direction of Inspector General John P. Higgins.