Former CU CEO Pleads Guilty In $2.3M Fraud Scheme
By CU Today Staff —
DALLAS— Jonathan Salcedo, the former CEO of Carrollton, Texas-based Valwood Park Federal Credit Union, has pleaded guilty in a fraud conspiracy that resulted in more than $2.3 million in losses, while his co-conspirator has been sentenced to 40 months in federal prison, according to the U.S. Attorney’s Office for the Northern District of Texas.
Federal prosecutors said Salcedo conspired with Athuman Farid Omar, who used his years-long relationship with Salcedo to defraud the credit union by depositing insufficiently funded checks into several business accounts he had opened there. Salcedo has entered a guilty plea and is scheduled to be sentenced later this year, according to prosecutors.
The 18-month scheme ended in December 2022 when Omar attempted over two days to deposit 56 checks totaling $1,160,780 from an account at another financial institution into an account at the credit union, despite knowing there were insufficient funds to cover the checks, prosecutors said. The scheme ultimately resulted in more than $2.3 million in actual losses.
Omar pleaded guilty in April to conspiracy to commit bank fraud. U.S. District Judge Ed Kinkeade sentenced him Sept. 23 to 40 months in federal prison followed by two years of supervised release and ordered him to pay $2,332,491.91 in restitution.
The NCUA placed Valwood Park into conservatorship in January 2023 because of what the agency described as unsafe and unsound practices. The agency subsequently returned the credit union to member control in March 2025 after saying new management had enhanced controls and mitigated risks.
Originally reported by CU Today.