former CFO sentenced to 44 months in prison for defrauding credit union of over $600,000 | USAO-DC

WASHINGTON — Salusthian Lutamila, the former chief financial officer of the Inter-American Development Bank – IIC Federal Credit Union, was sentenced today to 44 months in prison for an embezzlement scheme in which he stole $610,000 from the credit union.

The announcement was made by US Attorney Matthew M. Graves and Wayne A. Jacobs, Special Agent in Charge of the FBI’s Washington Field Office Criminal Division.

Lutamila, 53, of Hyattsville, Maryland, was found guilty by a jury in May 2022, in U.S. District Court for the District of Columbia, of 21 counts of bank fraud, theft by an employee of a credit union, wire fraud and money laundering. . He was sentenced by the Honorable James E. Boasberg. After his prison sentence, Lutamila will be placed under three years of probation. During this time, he is prohibited from working in finance or accounting. He must also pay $76,069 in restitution and an equal amount in a judgment forfeiture of the money.

According to government evidence at trial, from November 2016 to April 2019, Lutamila worked at the credit union, first as controller and then as acting chief financial officer. Shortly after finding out he was not being promoted to CFO, Lutamila began embezzling money from the credit union. Specifically, from November 2018 to January 2019, Lutamila stole $610,000.

Throughout the scheme, Lutamila abused and misused his position and employment at the credit union to illegally transfer money from internal operating accounts to a previously inactive checking account. Lutamila then abused the authority granted to him as acting CFO to secretly transfer this money to an E-Trade account he had opened at the start of the scheme.

Lutamila then used the stolen money to pay off her car, increase her retirement account balance and buy stocks. Lutamila’s scheme was uncovered just weeks before he was set to resign from the credit union when the newly hired CFO identified the fraudulent transfers. Thanks to the quick actions of the newly hired CFO, the credit union was able to report the fraud and recover most of the misappropriated money.

In announcing the sentencing, U.S. Attorney Graves and Special Agent in Charge Jacobs praised the work of those investigating the case from the FBI’s Washington field office. They also expressed their appreciation for the assistance provided by the Metropolitan Police Department (MPD). They praised the efforts of those who worked on the U.S. Attorney’s Office case, including paralegal specialists Mariela Andrade and Michon Tart, and supervisory litigation technology specialist Leif Hickling.

Finally, they praised the work of Assistant U.S. Attorney Janani Iyengar, who investigated the case, and Assistant U.S. Attorney Melissa Jackson and former U.S. Attorney Peter Lallas, who prosecuted the case.