CRANBERRY TWP — Authorities are alleging a Beaver County man defrauded multiple credit unions of more than $2 million over 15 years.

The bulk of the loss, nearly $1.4 million, belongs to Moonlight Federal Credit Union in Worthington.

However, Moonlight CEO Candy Decock today assured members that the loss would not trickle down to individuals.

"The member's funding is insured up to $250,000," Decock said. "No one will lose a dime from this."

Decock said officials there would explore all avenues to mitigate this issue.

Meantime, the state Attorney General's Office is pursuing criminal charges against Eugene D. Miley, the 58-year-old owner of Miley Financial Services in Beaver.

According to a criminal affidavit filed Friday, Miley — who was not authorized or licensed to operate as a financial investment company, financial adviser or financial products dealer — operated a Ponzi scheme.

Miley offered to buy bank certificates of deposit for his clients: credit unions from at least three counties including Moonlight, according to court records.

But when the clients wired money to Miley's accounts at a bank in Cranberry Township, Miley did not buy the promised CDs, according to the court records.