Convicted Mass. CU CEO Tells All In New Book

Former Head Of Digital Employees Credit Union Details $45M Scam

Keith Griffin

March 9, 2020

Richard Mangone, a notorious credit union president who was part of a Ponzi scheme that facilitated a massive multi-million loss, is out with a new book that details his rise and fall. It’s called, “Busted: A Banker’s Run to Prison.”

In a lengthy interview with Credit Union Times, Mangone recounts how he went on the lam for 18 months after being sentenced to 25 years in prison. He had been convicted in 1995 of orchestrating the largest credit union real estate fraud scheme at the time, shocking the industry and costing it more than $45 million.

Mangone ultimately served 18 years. After his prison release in 2013, he settled in his hometown of Boston, where he started his life over in poverty and decided to write a book about his experiences, not for himself but in the hopes of warning and helping others, or as he puts it, “to save souls.” Read More

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