DALLAS — Jonathan Salcedo, former CEO of Carrollton-based Valwood Park Federal Credit Union, awaits sentencing after pleading guilty in a fraud conspiracy that caused more than $2.3 million in losses, according to the U.S. Attorney’s Office for the Northern District of Texas.
His co-conspirator, Athuman Farid Omar, 49, was sentenced Sept. 23 to 40 months in federal prison. U.S. District Judge Ed Kinkeade also ordered two years of supervised release and $2,332,491.91 in restitution. Omar pleaded guilty in April to conspiracy to commit bank fraud.
Checks Lacked Sufficient Funds
Prosecutors said Omar exploited a yearslong relationship with Salcedo to deposit insufficiently funded checks from another bank into business accounts at the credit union.
The 18-month scheme ended in December 2022, when Omar attempted over two days to deposit 56 checks totaling $1,160,780 despite knowing he lacked sufficient funds, prosecutors said.
The FBI’s Dallas office investigated, and Assistant U.S. Attorney Ashley Koos prosecuted the case.
