Cleveland entrepreneur A. Eddy Zai will spend more than sevenyears in federal prison for defrauding $16.7 million from thenow-defunct St. Paul Croatian Federal Credit Union.

U.S. District Judge John Adams in Akron on Tuesday also orderedZai to pay more than $23 million in restitution to the NCUA.

Zai pleaded guilty in November to nine counts of bank fraud,bribery, money laundering for his participation in the $70 millionfraud case that led to the collapse of SPCFCU in suburban Eastlakein April 2010.

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