EASTLAKE, Ohio—Yet another person has been convicted for crimes related to the biggest-ever credit union failure.
Gezim Selgjekaj, 41, has been found guilty on 27 criminal counts related to receiving $10 million as part of a scheme that led to the demise of St. Paul Croatian FCU, which caused $170 million in losses to the National Credit Union Share Insurance Fund when the CU collapsed in 2010.
Selgjekaj has been convicted on one count of conspiracy, six counts of bribery, six counts of money laundering and 15 counts of financial institution fraud.
Selgjekaj was part of a much larger ring of criminal behavior that has led to the conviction of more than two-dozen people. The various participants created fake businesses for which they then illegally obtained loans. In Selgjakaj’s case, he received proceeds from the false loan apps from 2003-2010. The loans were approved by former CEO Anthony Raguz, whom prosecutors said received payments for participating. In the most recent conviction, the indictment states Selgjekaj gave Raguz $40,000 in cash and five checks totaling $66,000.
Raguz was previously ordered to repay $72.5 million and is currently serving a 14-year prison sentence. Selgjekaj is scheduled to be sentenced May 26.