A former Columbia resident was sentenced this week in federal court to 10 years in prison for bank fraud and money laundering while he served as a commercial loan officer at Scott Credit Union.

Theodore J. Longust, 51, was sentenced to a total of 121 months in prison as a result of his convictions in a nine-count indictment on charges of financial institution fraud, misapplication of funds, money laundering and falsifying records.

He was also ordered to pay more than $14 million in restitution — $5 million to Scott Credit Union and $9.1 million to its bonding company.

Court information states that Longust was with Scott Credit Union in the commercial loan department from November through December 2014 and held the title of business relationship manager.

Longust executed a scheme to defraud through the embezzlement of credit union funds, the creation of fraudulent loans, the payment of loans through the misapplication of funds from other loans, the increase of credit limits on loans that did not have requisite board approval, the issuance of business loans without the required documentation or security, and issuance of letters of credit without required documentation and security.

He also knowingly submitted a false report to Scott Credit Union for the third quarter of 2014 that misstated loan balances and omitted loan amounts and underreported loans of over $12 million.

Evidence was presented at sentencing that the overall loss to Scott Credit Union, which included criminal and civil losses, was approximately $25.8 million.

Criminal direct losses were determined to be $13.7 million.

“The safety and soundness of Scott Credit Union has not been adversely affected by the criminal conduct,” a news release from the US. Department of Justice states. “The successful prosecution is the result of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service/Criminal Investigation, with the assistance of Scott Credit Union.”