Five former credit unions employees, including two CEOS, convicted of embezzlement were banned from participating in the affairs of any federally insured financial institution, the NCUA said Friday.

Theodore J. Longust, a former business relationship manager, was sentenced last November to 10 years for orchestrating a multimillion-dollar fraudulent loan scheme at the $1 billion Scott Credit Union in Edwardsville, Ill. He also was ordered to pay $14.1 million in restitution. Evidence presented during Longust’s sentencing hearing showed that the credit union’s total loss, including criminal and civil losses, amounted to $25.8 million, according to federal prosecutors.

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

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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

Already have an account?


© 2023 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.

Peter Strozniak


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.