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http://www.businessweek.com/ap/2012-11-06/ohio-man-pleads-guilty-in-credit-union-scheme

AP News

Ohio man pleads guilty in credit union scheme


AKRON, Ohio (AP) — An Ohio developer has pleaded guilty to bank fraud and other charges and will forfeit nearly $17 million for his part in a fraud scheme that led to the 2010 collapse of a northeast Ohio credit union.

Federal officials said 44-year-old A. Eddy Zai of Pepper Pike pleaded guilty Monday in Akron to conspiracy to commit bank fraud and bank bribery and to money laundering. He also pleaded guilty to bank fraud, bribery and making false statements of financial institutions.

Authorities say Zai conspired to submit false loan documents to St. Paul Croatian Federal Credit Union in Eastlake and to pay bribes and kickbacks to get loans for Zai-controlled companies.

Authorities say the crimes occurred from December 2003 through March 2010.

Messages were left for Zai's attorneys.


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