A former banking executive in Ohio has been ordered to pay more than $72.5 million and serve 14 years in prison. Anthony Raguz, the former chief operating officer of the $250 million institution, was sentenced in a federal district court. The ponzi scheme led to the April 2010 liquidation of St. Paul Croatian Federal Credit Union, which wound up costing the National Credit Union Share Insurance Fund $170 million. The scheme is a classic example of why executives at smaller institutions must be subjected to the same separation-of-duty and cross-check policies as other employees, expert says.”]
Source: https://www.cuinfosecurity.com/banking-exec-sentenced-for-fraud-scheme-a-5316