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Former Scott CU Manager Pleads Guilty to $12M Fraud

Theodore J. Longust admits to money laundering and misapplication of funds, among other crimes.

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During a 30-minute hearing in an Illinois federal courtroom Thursday, a former business relationship manager for the $1 billion Scott Credit Union pleaded guilty to a fraudulent loan scheme of more than $12 million.

Theodore J. Longust, 50, formerly of Columbia, Ill., admitted to financial institution fraud, misapplication of funds, money laundering and filing a false report.

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Peter Strozniak

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