twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.reversefunding.com

subscribe to free Mortgage Daily email newsletter

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.



P R E S S   R E L E A S E

FOR IMMEDIATE RELEASE:

May 11, 2012


Koljo Nikolovski Sentenced to 18 Years in Prison for Role in One of the Largest Credit Union Collapses in American History

An Eastlake man who played a key role in one of the largest credit union collapses in American history was sentenced to 18 years in prison, United States Attorney Steven M. Dettelbach said.

Koljo Nikolovski, 49, of Eastlake, Ohio and Skopje, Macedonia, was sentenced to consecutive prison sentences of 10 years and eight years by U.S. District Judge Christopher Boyko.

"This sentence should send a strong message to those who would engage in financial fraud," Dettelbach said. "The collapse of the St. Paul Croatian Federal Credit Union was a tremendous hardship for this community."

Nikolovski pleaded guilty in January to 10 counts of bank fraud, three counts of bank bribery, and five counts of money laundering for his role in the collapse of St. Paul Croatian Federal Credit Union.

The credit union closed in 2010, costing the National Credit Union Share Insurance Fund more than $170 million.

Nikolovski fraudulently obtained several loans from St. Paul and Raguz, totaling approximately $2.9 million, from 2003 through 2005 that were not repaid. He also fraudulently obtained several additional loans in 2009, totaling $2.7 million, and failed to repay those as well, according to court documents.

Nikolovski corruptly gave credit union CEO Anthony Raguz $100,000 in exchange for Raguz approving and facilitating the fraudulent loans, according to court documents.

In 2009, Raguz tried to disassociate himself from Nikolovski, but Nikolovski followed Raguz home, told him he knew where Raguz's family lived, and threatened to shoot Raguz and family members if he either refused to provide a loan or told anyone about previous loans, according to court records.

Nikolovski's money laundering counts relate to the purchase of two Mercedes Benz automobiles for about $99,000 and $60,000 and a wire transfer of $2.3 million to a bank account in Skopje, Macedonia.

This case is being prosecuted by Assistant U.S. Attorneys John D. Sammon and Bridget M. Brennan, following an investigation by the Cleveland Offices of the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation Division, with the assistance of the Eastlake Police Department.


Source: United States Attorney's Office for the Northern District of Ohio


mortgage fraud case stories


mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines


Local Mortgage Fraud news
News about local mortgage fraud.


Logout forgot
password?

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.



Mortgage Fraud Index
Dollar and index amount by quarter and state.



Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013



Mortgage Fraud News
News stories about fraud committed against home lenders.



Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.



local mortgage fraud


mortgage fraud links



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news