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Vincas Urbaitis, a former board director of the now-shuttered Taupa Lithuanian Credit Union, said he has been doing a lot of thinking lately about how he and six board members were double-crossed by Alex R. Spirikaitis, their former CEO.
Spirikaitis, wanted on an embezzlement-related charge, has been on the run from the FBI for more than three weeks following the July 12 collapse and liquidation of the $23.6 million Cleveland cooperative.
“Everybody accepted the financial statements Alex provided us, and everybody appeared to be happy with them,” said Urbaitis, who was a founding member of the credit union and sat on its board for more than 25 years until he resigned in 2011. “I guess everybody just got duped by the clever finagling of Mr. Spirikaitis. The big questions are why did he do it, how did he do it and where is he hiding?”
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A new EU pay transparency directive has left many organizations feeling unprepared.
NCUA and Fed data also show credit unions’ share of auto loans in September has fallen from a year earlier.
The list includes six credit unions merging due to poor financial condition and two for poor management.
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