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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.