Dive Brief:
- A federal court jury in Cleveland, Ohio, Wednesday convicted the owner of a construction company of bribing a credit union CEO to get loans and not repaying them.
- Svetislav Vujovic, 46, of Brunswick, was one of several people charged in carrying out schemes that brought down the St. Paul Croatian Federal Credit Union of Eastlake.
- Prosecutors said Vujovic got $3 million in loans to several companies, and the jury convicted him of fraud, bribery, money laundering and lying to the bank.
Dive Insight:
The credit union's CEO was convicted and sentenced to 14 years in prison. The credit union lost about $170 million and was closed in 2010.
