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Credit Unions Lose $66 Million in Embezzlements

The largest credit union fraud cases of 2016 reveal warning signs.

By Peter Strozniak | Updated on January 06, 2017

The largest credit union fraud cases of 2016 convicted two CEOs, a CFO, a bookkeeper, a business relationship manager, and an assistant manager who collectively stole more than $66 million from their credit unions. And they got away with it for years before their fraudulent schemes were finally uncovered.

In last year’s biggest embezzlement case, the $1 billion Scott Credit Union in Edwardsville, Ill., suffered $25.8 million in criminal and civil losses because of the criminal action taken by Theodore J. Longust, a former business relationship manager, who was sentenced to 10 years in prison in November.

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Peter Strozniak

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