Rosemount couple sentenced for role in elaborate fraud scheme
A Rosemount couple was sentenced to years in prison Sept. 12 for using their positions at the now-closed Hmong American Credit Union to steal millions of dollars from the St. Paul member-owned financial cooperative.
The sentences were handed down in U.S. District Court in Minneapolis after Nkajlo Vangh, 61, and his wife, True Yang Vang, 52, pleaded guilty to operating the years-long fraud scheme, according to the U.S. Attorney's Office in Minneapolis.
Nkajlo Vangh was sentenced to 90 months in prison for his conduct. True Vangh received a 72-month sentence.
Nkajlo Vangh was president and chairman of the board of directors for the credit union while the fraud operation was underway. True Vangh was the manager.
The couple stole more than $2 million in credit union funds by issuing fraudulent loans from the credit union and transferring the money to accounts they controlled, court documents say.
In some instances, the couple submitted sham loan applications using fake names and fictitious income and employment information to the Hmong American Credit Union. They would then approve the loans.
The case was investigated by the FBI.