A former loan officer at the $604 million ConsumersCreditUnion in Waukegan, Ill. was sentenced in federal court last week to 35 months in prison and ordered to pay restitution for a scheme that involved $1.4 million in fraudulent loans, according to the U.S. Attorney’s Office in Milwaukee, Wisc.

James Scalzo, 46, who also worked as a loan officer at Fox River State Bank in Burlington, Wisc., pled guilty to money-laundering and bank fraud charges earlier this year after admitting in a plea agreement that he originated and approved fraudulent loans at both FIs in 2008-2009, according to a statement from the U.S. Attorney for the Eastern District of Wisconsin.

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