MINNEAPOLIS — Richard Lange, the former president of the $57 million First Community Credit Union, has been indicted on embezzlement and money laundering charges, according to documents filed with the Federal District Court in Minneapolis.
The court papers show that the indictment has been unsealed, but no details have yet become available. According to a source familiar with the situation, Lange was dismissed from the CU in December 2004 under a cloud of allegations of misappropriation of funds. He had been president of the CU for 27 years.
The court documents reflect six counts of embezzlement and five counts of money laundering. Sources indicate that Lange was taken into custody by the FBI, which has declined to comment on the case.
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According to court documents from Lange's first court appearance on March 23 the former CEO was released on $25,000 bond on condition that he notify pretrial services of his current address, any future change of address and that he surrender his passport. Lange has been scheduled for arraignment on April 5.
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