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Ex-treasurer of SSP Credit Union arraigned

A Russell, Ky., man indicted last month on charges of taking money from the now-defunct SSP Credit Union was arraigned Wednesday in Lawrence County Common Pleas Court.

Douglas Calhoun, 60, appeared before Judge Frank McCown, who set a pretrial hearing for next Wednesday. He remains free on a $100,000 bond.

Calhoun was indicted by the Lawrence County Grand Jury last month on 13 counts of theft in connection with $1 million in funds missing from the credit union.

The charges included one count of theft, a class-five felony with a maximum sentence of 12 months; two counts of aggravated theft over $100,000, class-three felonies with five-year maximum sentences; and 10 counts of grand theft of amounts between $5,000 and $100,000, class-four felonies with a maximum sentence of 18 months. If convicted, the sentences could be served concurrently.

Calhoun, who formerly worked as treasurer of the credit union, was arrested May 18 on charges of theft by deception and was released on bond.

In June, the Ohio Department of Commerce declared SSP "insolvent and unsafe" and authorized American Share Insurance to liquidate the company.

Lawrence County Prosecutor J. B Collier said to date, the company has paid out $3.8 million and is still working on the case.