AKRON, Ohio (AP) — A developer convicted of bank fraud and other charges in a scheme that led to a northeast Ohio credit union's collapse has been sentenced to seven years and three months in prison and must forfeit $23 million.
Authorities say 44-year-old A. Eddy Zai (zeye), of Pepper Pike, was sentenced Tuesday in U.S. District Court in Akron. Zai pleaded guilty last year to charges including bank fraud, money laundering, bribery and making false statements of financial institutions in a scheme that led to the 2010 collapse of St. Paul Croatian Federal Credit Union.
The FBI says Zai was involved in bribing loan officials, submitting false documentation and obtaining millions of dollars in loans for non-operational businesses he managed.
A message was left for Zai's attorney.