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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. A Cleveland grand jury indicted Koljo Nikolovski on two counts of bank fraud and one count of money laundering and alleged that he fraudulently received bank loans totaling $2.5 million by “falsely listing the names of other persons as the applicants and intended recipients of these loans.”

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