Feds Indict Man in St. Paul FCU Collapse

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.”

Nikolovski was ineligible to receive loans because he had already defaulted on more than $1 million in loans he had received. The money laundering transaction stems from his wiring $2.3 million in loan proceeds from his account at a Cleveland area bank to a bank in Skopje, Macedonia. Nikolovski lives in Eastlake Ohio and in Skopje. There was no phone listing for him in the Ohio directory assistance.