A Memphis, Tennessee, man faces a felony theft charge after allegedly stealing over $72,000 from a local credit union to purchase his “dream car,” WREG reported Tuesday.
Joseph Herring Jr. is accused of theft of property valued between $60,000 and $250,000 from the City of Memphis Employees Credit Union in Oakhaven. The investigation into the matter began in August when a credit union manager reported a missing vault drawer containing the substantial sum to police, according to WREG.
Herring, who worked as an IT technician at the credit union, was reportedly seen visiting the establishment multiple times during the week of the alleged theft. An examination of security footage indicated Herring had allegedly deleted video recordings corresponding to the time frame of the missing funds, the outlet noted.
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.https://t.co/e6RNxFIMc3
— WREG News Channel 3 (@3onyourside) November 7, 2023
The Memphis Police Department (MPD) scrutinized the bank records which revealed Herring had allegedly made numerous cash deposits at ATMs and purchased a 2024 Volvo S60, which he referred to as his “dream car,” with cash, per WREG. (RELATED: British Museum Fires Employee Over Suspected Theft Of Centuries-Old Artifacts)
Herring, who was held on a $42,000 bond, insisted he financed the car with winnings from Southland Casino, amounting to approximately $26,000. However, this win was recorded after the credit union reported the theft, and the vehicle’s price of $45,000 exceeds his casino earnings, the report says.
“His family is posting his bond today. So, we would like an out-of-custody reset date,” his attorney told the outlet.
Herring is expected to attend a bail review hearing on Thursday, according to WREG.