The largest credit union fraud cases of 2016 convicted two CEOs, a CFO, a bookkeeper, a business relationship manager, and an assistant manager who collectively stole more than $66 million from their credit unions. And they got away with it for years before their fraudulent schemes were finally uncovered.

In last year's biggest embezzlement case, the $1 billion Scott Credit Union in Edwardsville, Ill., suffered $25.8 million in criminal and civil losses because of the criminal action taken by Theodore J. Longust, a former business relationship manager, who was sentenced to 10 years in prison in November.

For six years, Longust falsified reports, created unauthorized loans, loan advances, and concealed his fraud by falsifying reports, misstating loan balances, omitting loan amounts and underreporting loans.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.