Zrino Jukic Sentenced to 37 Months for Credit Union Fraud, Clevelan…

CLEVELAND, OHIO – Zrino Jukic, a 42-year-old Cleveland native, was today sentenced to 37 months in federal prison and ordered to pay nearly $1.7 million in restitution for his role in the collapse of the St. Paul Croatian Federal Credit Union.

Jukic, who co-owned the Zlato Group with Anthony Raguz, pleaded guilty to one count of bank fraud and one count of money laundering. He used false information to secure fraudulent loans from the credit union, which he then funneled into business ventures through his company.

The St. Paul Croatian Federal Credit Union (SPCFCU) was liquidated in 2010 after being found insolvent, with assets exceeding $238 million and a membership of 5,400 individuals. Its failure marked the largest credit-union collapse in American history.

Jukic’s sentence follows Raguz’s conviction last year, where he received a 14-year prison term and was ordered to repay $72.5 million. Koljo Nikolovski, another defendant, was sentenced to 18 years for his involvement in the scheme.

This case has seen 24 individuals indicted on criminal charges related to the credit union’s collapse. Assistant U.S. Attorneys Bridget M. Brennan and Jack Sammon prosecuted the case, which was investigated by the FBI and IRS-Criminal Investigations.

Jukic’s conviction serves as a stark reminder of the consequences facing those who perpetrate financial fraud on such a massive scale.

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