CBS credit union manager Edward Rostohar, was sentenced on Monday to 14 years in prison after explaining to prosecutors how he embezzled $40 million dollars from CBS employees.
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After his intial arrest last May, Rostohar who is 62 years old, pled guilty.
The credit union was forced to close after it was unable to pay the large amount owed due to the fraud left behind by Rostohar’s actions according to reporting by Variety. The collapsed credit union with its 2,800 members has been taken over by the University Credit Union.
He described to prosecutors how he forged checks to himself from the credit union in an embezzling scam over two decades-long. He also claimed that he spent the money on gambling and failed businesses. However prosecutors allege the disgraced banker also bought luxury cars, watches and on private jet flights taking women half his age on exotic vacations.
Rostohar has been cooperating with the National Credit Union Administration, explaining how he managed to pull of the heist for so many years without getting caught. In a letter to the court, the convicted felon apologized to the staff, and CBS employees from whom he stole.
“I wish I could undo what I have done but I can’t,” he wrote. “I apologize to the members of the credit union who trusted me with their money and I am sorry for breaking that trust and causing them pain and stress about their finances. It was wrong and I am embarrassed and humiliated by my actions.”
Judge Otis Wright threw the book at Rostohar and tacked on an extra 18 months to the 12 ½ years both prosecutors and defenders were seeking.