Former St. Paul Croatian FCU President/CEO Anthony Raguz, whose actions helped trigger one of the largest credit union failures in history, pleaded guilty on Sept. 29 to six criminal counts, including bank fraud, money laundering and bank bribery in federal court in Cleveland.
A federal grand jury indicted a St. Paul Croatian FCU member for bank fraud and money laundering that cost the credit union $2.5 million and led to its eventual closing.
Fraudulent activity covered up by top leadership and a failure by NCUA examiners to adequately follow up on red flags caused the failure of St. Paul Croatian FCU, according to a report by the NCUA's Office of Inspector General.
As everyone knows by now, CUNA selected Bill Cheney as its next president/CEO. While I touted a month ago the strength of choosing an industry insider (Editor's Column, April 7), I really wasn't sure CUNA would follow that line of thinking.
A week after placing $250 million St. Paul Croatian Federal Credit Union into conservatorship, the NCUA on May 1 announced it was liquidating the credit union.
A week after placing $250 million St. Paul Croatian Federal Credit Union into conservatorship, the NCUA on Saturday announced it was liquidating the credit union.