Waveseer Holding LLC of Illinois and Gateway Capitol Group LLC of Missouri filed suit March 22 in St. Clair County Circuit Court against Scott Credit Union and Theodore Longust.
From Nov. 7, 2005 to Dec. 8, 2014, the defendant Longust worked at defendant credit union with the title Business Relationship Manager, the suit says. Even though Longust was required to adhere to strict guidelines when issuing a letter of credit, the suit alleges he schemed to defraud. It also alleges he lacked the qualifications for his position.
He did this through the embezzlement of credit union funds, the creation of fraudulent loans, the payment of loans through the misapplication of funds from other loans, increasing credit limits on loans without requisite board approval and more, according to the complaint. Those actions took place specific to the plaintiffs, the suit alleges.
For each of the five counts against the two defendants, the plaintiffs seek judgment in excess of $50,000. They are represented by Grey Chatham Jr. of Chatham & Baricevic in Belleville.
St. Clair County Circuit Court case number 16-L-163