United States Court House in Los Angeles United States Court House in Los Angeles. (Photo: Shutterstock)

A former California credit union CEO who committed one of the industry’s largest embezzlements in recent years signed a plea deal with federal prosecutors in which he admitted to stealing more than $40 million and agreed to forfeit assets and properties in California and Nevada that could be worth millions.

Edward Rostohar, 62, the long-time president/CEO of the $21 million CBS Employees Federal Credit Union in Studio City, Calif. agreed to plead guilty to one felony count of bank fraud on May 10, according to new court documents. He initially pleaded not guilty in April to the bank fraud charge and one count of aggravated identity theft.

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