The NCUA said it lost $167.2 million because of the credit union's collapse in 2010, making it the largest credit union failure in American history, according to federal prosecutors.

Federal investigators determined that more than two dozen people received fraudulent loans, some totaling millions of dollars, which were never repaid in exchange for cash bribes and other kickbacks to Raguz. Trial testimony revealed that Raguz received the greatest number of and the largest total amount of bribes from Selgjekaj. 

Raguz and other witnesses testified against Selgjekaj during his trial.

Selgjekaj obtained nearly $11 million in fraudulent loans using personal loan accounts as well as loan accounts he created in business names, including businesses that had previously ceased to exist or never existed. He also opened loan accounts in the names of friends and family members who were unaware about the embezzlement scheme, according to trial testimony and court documents. 

What's more, while Selgjekaj was serving a federal prison sentence on unrelated criminal charges from 2004 to 2008, he managed to control others who went to SPCFCU to obtain loans on his behalf.  Some of the loan funds were deposited into his prison account, according to court testimony and documents.

Selgjekaj was convicted by a federal jury in Florida in 2004 for trafficking in contraband cigarettes and conspiracy to defraud the United States government.

In addition, while Selgjekaj was in prison he bribed Raguz with $200,000 in cash and checks so that he could get new loans even though he defaulted on previous loans.

"Gezim Selgjekaj and his co-conspirators built a house of cards laced with a web of financial lies," Guy A. Ficco, acting special agent in charge for the IRS criminal investigation in Cincinnati, said. "The underlying structure fell apart and exposed these individuals for what they really are – thieves." He was one of the investigators who worked on the SPCFCU case.