Svetislav Vujovic pleaded not guilty to charges of bank fraud,money laundering and bribery in U.S. District Court in ClevelandFriday in the $70 million fraud case that led to the collapse ofthe St. Paul Croatian Federal Credit Union in Eastlake, Ohio.

A federal indictment alleged Vujovic of Brunswick, Ohio,fraudulently obtained more than 35 loans over four years totaling$2.2 million.

He allegedly applied for these loans by making falserepresentations and he received many of those loans even afterhaving already defaulted on previous loans issued to him by thecredit union, according to the indictment. These loans wereobtained through various businesses.

The indictment also alleged that Vujovic gave $20,000 in cashpayments to Anthony Raguz, the former CEO/president of SPCFCU, whowas sentenced to 14 years in federal prison in November for hiscentral role that led to one of the largest fraud cases in U.S.credit union history.

Raguz admitted to approving more than 1,000 fraudulent loanstotaling $70 million to over 300 account holders at credit unionfrom 2000 to 2010. He also accepted bribes totaling $1 million toapprove loans, according to the original indictment.

About 20 people have been indicted for their role in SPCFCU'scollapse. Others involved also have pleaded guilty and have beensentenced, while some are awaiting trials.

The NCUA, which lost $186.4 million as a result of the SPCFCU fraudcase, closed the credit union and began its liquidation processin May 2010.