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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.

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Peter Strozniak


Credit Union Times

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