Nearly four years after the collapse of St. Paul Croatian Federal Credit Union, federal prosecutors announced March 5 they have indicted yet another person
Sato Satka allegedly bilked the failed Eastlake, Ohio, credit union out of $3.7 million, using some of the funds to buy and sell property in Cleveland.
Satka, 65, of the Cleveland suburb of Lakewood, was charged with one felony count each of conspiracy, bank fraud and bank bribery. He is scheduled to be arraigned March 13.
Recommended For You
Prosecutors allege Satka conspired with others, including Anthony Raguz, the former president/CEO of SPCFCU who was sentenced to 14 years in federal prison in November 2012.
Satka paid bribes and kickbacks to Raguz for using his position at the credit union to approve numerous loans to Satka through family members and business he controlled, according to the indictment.
From 1999 through 2004, Satka, through his businesses and family members, received more than $4.4 million in loans from SPCFCU, but he made little or no monthly payments to the credit union, federal prosecutors said.
As a result, the loans fell into default. Raguz concealed this information from the board of directors and examiners through resets to make it appear the loans were not in default.
About two dozen people have been convicted of embezzling more than $71 million from SPCFCU, liquidated in 2010.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
