A former Scott Credit Union employee has been indicted on several counts of allegedly defrauding the financial institution.
According to federal court documents, Theodore J. Longust, 50, of Columbia, is charged with nine counts including fraud, misapplication of funds, money laundering and making false records with intent to deceive.
A business relationship manager with Scott Credit Union from 2005-2014 in the Commercial Loan Department, Longust is accused of making up false loans, paying loans with misappropriated funds, increasing credit limits without authority, issuing business loans and letters of credit without required documentation or security and submitting 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.