Edward Rostohar, 62, of Studio City, admitted he gambled away much of the money and spent the rest on private jets and expensive cars and watches.
The former manager of the now-defunct CBS Employees Federal Credit Union has been sentenced to 14 years and one month in federal prison in connection with a two-decade embezzlement scheme that caused the cooperative to lose $40 million and forced it into insolvency.
“Combined with the interest those stolen funds should have been earning, the credit union discovered in 2019 that it was approximately $40 million poorer than it believed.” The National Credit Union Administration liquidated the CBS Employees Federal Credit Union on March 29 after determining it was insolvent and had no prospect of becoming viable. University Credit Union of Westwood assumed CBS Employees’ assets, loans and all member shares.
In addition to gambling and buying luxury items, Rostohar told authorities he wrote tens of thousands of dollars’ worth of checks to himself to cover the costs of a coffee business he started in Reno in December.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
8 Pairs of Cute and Comfy Jeans We Love for Fall — All Under $40From skinny jeans to straight-legs and kick-flares, shop cute jeans under $40 from the POPSUGAR collection at Kohl's.
Read more »
CBS Credit Union Manager Gets 14 Years for $40M EmbezzlementEdward Rostohar admitted he used the money to fund a gambling habit, buy luxury cars and watches, and travel by private jet.
Read more »
https://people.comGet the latest news about celebrities, royals, music, TV, and real people. Find exclusive content, including photos and videos, on PEOPLE.com.
Read more »
Alejandro Sanz Must Pay Former Manager Nearly $6 Million, Judge RulesThe Spanish pop superstar held accountable in breach of contract case, according to attorneys' documents obtained by Billboard.
Read more »
America’s First LGBT-Focused Credit Union To Launch In 2020Michigan approved a charter for the first credit union in America designed to serve and advocate for LGBTQ customers across the country.
Read more »
Read The Cars' Rock and Roll Hall of Fame Induction SpeechesBand had been passed over twice before getting into the institution this year
Read more »