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Bank fraud.

A federal judge in Chicago sentenced Nikesh Patel to 25 years in prison Tuesday for running a $179 million fraud scheme that victimized financial institutions, including Wisconsin’s fourth largest credit union.

Paul Kundert, president/CEO of the $2.5 billion University of Wisconsin Credit Union in Madison, said the credit union’s net loss is expected to total $22.9 million.  Moreover, five banks collectively lost more than $45 million and two of them were forced to sell their assets to other financial institutions. Other organizations such as investment firms, trust companies and other fiduciaries that managed pension funds collectively suffered $90 million in losses, according to court documents.

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Peter Strozniak

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