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Cover page of the OIG report. Cover page of the OIG report.

Failures in the NCUA examination procedures allowed the former president/CEO of CBS Employees Federal Credit Union to embezzle $40 million from the Los Angeles-based credit union, the agency’s Inspector General said in a new report.

In its review of the failure of the credit union, required under federal law, the IG said former CEO Edward Rostohar had access to physical and electronic records, the ability to alter the records and the sole responsibility for financial reporting.

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David Baumann

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