HIGHLAND, Ill.–Theodore J. Longust, 50, a former employee of Scott Credit Union, has been charged with nine counts, including fraud, misapplication of funds, money laundering and making false records with intent to deceive.
Longust was business relationship manager with Scott Credit Union from 2005-2014 in the Commercial Loan Department, where court documents allege he made up false loans, paid loans with misappropriated funds, increased credit limits without authority, issued business loans and letters of credit without required documentation or security, and submitted false reports to his employer.
He allegedly under-reported loans and balances totaling $12 million.
If convicted, Longust faces up to 240 years in prison and a fine of up to $4.5 million plus restitution.