Charles Juska, former president/CEO of the $22.2 million Tazewell County School Employees Credit Union in Pekin, Ill., was sentenced Friday to three years in prison for bank fraud.
U.S. District Court Chief Judge James E. Shadid in Peoria, Ill., also ordered the former 17-year chief executive to serve five years of supervised release. Judge Shadid said he would issue a ruling over the disputed restitution amount in March 2017.
Juska is scheduled to begin his sentence on April 4, 2017.
His fraudulent scheme led to a substantial financial hardship for the credit union that serves 1,614 members. According to court documents, Tazewell County School Employees CU lost about 1,000 accounts while loans dropped by 75%. What’s more, the cooperative has not turned a profit in five years. While the credit union continued to post net losses in the first and second quarter of this year totaling $9,523, it posted a net income gain of $119,767, at the end of the third quarter.continue reading »