The man indicted for bank fraud and money laundering in connection with the collapse of St. Paul Croatian FCU has been denied bail in federal court.
A request by Koljo Nikolovski was denied because he was a flight risk, according to the U.S. Attorney's office in Cleveland.
Last week, a Cleveland grand jury indicted 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.
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