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Broome County Teachers FCU officials failed to conduct proper due diligence when the failed Binghamton, N.Y. institution extended credit to a mother-and-son team that defrauded the credit union for $14 million, according to a CEO close to the case.

Scott Lonzinski and his mother, Laura Conarton, pleaded guilty Tuesday to fraud after the two created phony documents, forged signatures and created a fictitious persona in order to obtain approval for share secured loans from BCTFCU for a total of $14 million.

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