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Courts and Crime


More charges in credit union collapse
Gezim Selgjekaj indicted for $11 million scheme at St. Paul Croatian Federal Credit Union
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
In The Region:
An Avon Lake man is facing charges involving more than $11 million tied to the collapse of the St. Paul Croatian Federal Credit Union. WKSU’s Kabir Bhatia reports on the latest developments in the largest credit union collapse in history.
More charges in credit union collapse

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Gezim Selgjekaj was indicted Thursday on charges of creating fictitious businesses to get loans. Federal officials say he collaborated with the union’s Chief Operating Officer Anthony Raguz. And Justice Department spokesman Mike Tobin says the fraud occurred between 2003 and 2010, even though Selgjekaj was in prison on unrelated charges during part of that time.

“He got about $11 million in loans over eight years in his name, in the names of sham companies he operated, and in return for getting these loans, he would give cash and checks to Mr. Raguz.”

Last year, Raguz was sentenced to 14 years in prison and ordered to re-pay $72.5 million. Twenty-four people have now been indicted in the scheme. The credit union once served 5,400 members with assets estimated at more than $238 million. Selgjekaj’s arraignment is slated for next week.
Listener Comments:

If he stole 11 million dollars why must he repay 72 million?


Posted by: astroboi (here) on January 4, 2013 9:01AM
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