Bank employee accused of stealing $72K to buy his dream car
MEMPHIS, Tenn. — A man is accused of stealing more than $72,000 from the City of Memphis Employees Credit Union in Oakhaven so he could buy his “dream car,” police say.
Joseph Herring Jr. now has a felony charge of theft of property valued at $60,000 to $250,000.
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It started in August when the credit union manager alerted the police after a drawer from the vault containing $72,000 disappeared.
Herring was an IT technician for the credit union, and witnesses say he visited the credit union several times during the week the money disappeared.
Reports state that an audit of the security cameras showed Herring deleting video footage from the time the money was taken.
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MPD says bank records also show him making several cash deposits at ATMs and using cash to buy what he calls his dream car, a 2024 Volvo S60.
Herring is being held on a $42,000 bond, but his attorney says, “His family is posting his bond today. So, we would like an out-of-custody reset date.”
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Herrings claims he won the cash to buy the car at Southland Casino, and according to their records, he did win about $26,000. However, the Volvo is worth $45,000.
Reports state that Herring’s casino win happened after the money was stolen from the credit union.
Herring is scheduled to have a bail review hearing on Thursday morning.
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