Joe Spaqi is the latest embezzler sentenced in a fraud case that led to a credit union’s 2010 collapse.
Latest involves a Cleveland man who embezzled nearly $1M and aided the former CEO in a loan scheme.
Ohio man receives nine-year sentence, ordered to pay nearly $3M in restitution.
Charges range from forgery and money laundering to receipt of gifts for procuring loans.
A federal jury in U.S. District Court in Cleveland has convicted a 41-year-old Ohio man in the $70 million fraud case that led to the collapse of the St. Paul Croatian Federal Credit Union.
Svetislav Vujovic is convicted on 13 counts for his role in a fraud scheme that cost the NCUSIF $186M.
In 2011, an NCUA examiner-in-charge reviewed a 2010 state examination of the $23.6 million Taupa Lithuanian Credit Union and said it sounded all too familiar.
The material loss report on the failed Taupa Lithuanian Credit Union reveals red flags back in 2010. The failure cost the NCUSIF $33.5 million.
Member charged with stealing $3.7 million using bribes and kickbacks to score fake business loans.
Defendant Sato Satka bribed former President/CEO Anthony Raguz with $90,000 cash in a brown paper bag.