Former CEO says NCUA auditors did not know what they were looking for during examinations.
April 01, 2019 at 05:55 PM
1 minute read
The original version of this story was published on Credit Union Times
Former CBS Employees Federal Credit Union CEO Edward Rostohar said he was able to steal and conceal his $40 million embezzlement for 20 years because NCUA auditors “didn’t really know what to look for” during examinations, according to court documents filed in U.S. District Court in Los Angeles.
In addition to Rostohar’s insider knowledge as a former NCUA auditor, he also identified and exploited a weakness in the credit union’s data processing system.
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Cover sheet of the criminal complaint against Edward Rostohar.
