Kaufman's attorney, Nelson A. Boxer, said his client appreciated the not guilty verdict, but was disappointed with the guilty verdicts.

"We've been saying from the outset, in our court filings and in court, that what occurred here was because of a long-standing friendship, and we intend to continue to vigorously press that argument, including on appeal," Boxer said.

But U.S. Attorney Audrey Strauss for the Southern District of New York said Kaufman shirked his fiduciary obligation to act in the best interests of Melrose and instead exploited his control of credit union funds for his own personal gain.

"Melrose's members certainly deserved better representation than Alan Kaufman, who placed his own selfish needs above theirs – and thanks to the work of the FBI, Kaufman and Georgiton both stand convicted of federal crimes," she said. Strauss also thanked the NCUA for its efforts, ongoing support and assistance in this case.

Kaufman's sentencing hearing is scheduled for June. The two bribery conviction counts each carry a maximum sentence of 30 years in prison.

Prosecutors convinced the jury that between 2010 and 2015, Kaufman accepted bribes from Tony Georgiton, owner of a taxi medallion brokerage company, in exchange for millions of dollars in loans from the credit union.

Georgiton, who pleaded guilty to one felony count of conspiracy to commit bank bribery, was sentenced in January to three years of probation, which included nine months of home confinement, for his role in a multi-million-dollar bribery scheme.

While Kaufman was living in a $630,000 home in Jericho, N.Y., rent-free after Georgiton agreed to buy it for him, Kaufman repeatedly approved the refinancing of tens of millions of dollars in Melrose loans for Georgiton's companies, including a taxi medallion brokerage business and other firms.

When Georgiton purchased the home in 2010 for Kaufman, the former CEO agreed to buy back the home for $630,000 in 2013.

The former CEO obtained the money to buy back the home from Georgiton with a $200,000 loan from Melrose, which was co-signed by Georgiton and secured by his credit union shares, and a $240,000 unsecured personal loan extended by Georgiton to Kaufman for which no promissory note was executed, and which was never repaid. Rather than repay the loan, the following year Kaufman purchased a used Maserati sports car for his wife, valued at more than $100,000.

The $1.1 billion Melrose Credit Union, founded by Kaufman's family, was liquidated in September 2018 after posting more than $745 million in taxi medallion loan losses. Many drivers who took out Melrose loans could not repay them as the value of their taxi medallions plunged because of competition from ride-sharing companies.