A. Eddy Zai pleaded guilty in U.S. District Federal Court in Cleveland this week to nine counts or bank fraud, bribery, money laundering and agreed to forfeit $16.7 million for his participation the $70 million fraud case of the St. Paul Croatian Federal Credit Union in Eastlake, Ohio.

Authorities said Zai, 44, of suburban Pepper Pike, conspired with others, including Anthony Raguz, the former chief operating officer of SPCFCU, to submit false loan documents to the credit union to defraud the credit union of approximately $16.7 million, and pay bribes and kickbacks to Raguz for using his position to approve numerous loans to Zai and the companies he controlled. This criminal activity occurred between December 2003 through March 2010.

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Peter Strozniak


Credit Union Times

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