Illinois man gets 10 years for $25M credit union fraud
COLUMBIA, Ill. (AP) — A former southern Illinois credit union employee has been sentenced to more than a decade in prison for a multi-million dollar scam.
Theodore J. Longust, 51, of Columbia was sentenced after he was convicted in a nine-count federal indictment on Thursday, Nov. 10, the Belleville News Democrats reported. Longust worked at Scott Credit Union in Columbia from 2005 to 2014. Prosecutors say he embezzled credit union money, created fraudulent loans and issued undocumented loans among other measures.
Federal prosecutors say that overall Scott Credit Union lost $25.8 million and direct criminal losses were $13.7 million.
The court also ordered Longust to pay more than $14 million in restitution.