CBS Employees Credit Union Shuts Down As Manager Charged With Embezzling $40 Million The longtime manager the CBS Employees Federal Credit Union has been arrested and charged with embezzling more than $40 million from his employer over the past 20 years. Edward Rostohar faces felony counts of bank fraud and aggravated identity theft. In conjunction with the arrest, the National Credit Union Administration — a federal agency that regulates credit unions — announced Friday that it has liquidated the CBS Employees Federal Credit Union and shut down its operations. University Credit Union immediately assumed CBS Employees’ assets. I first saw this on 8 Chan.