The former board president of the $23.6 million Taupa Lithuanian Credit Union disputed statements made by another former board member to Credit Union Times, and provided new details about the failed credit union's governance.
Vytautas Kliorys took over as president of the board of the Cleveland-based institution, which was liquidated July 12 by the NCUA due to fraud, in April 2012. He said he was still president of the board at the time of the liquidation.
Kliorys said he disagreed with statements from other former and dismissed volunteers who say they were duped by former CEO Alex R. Spirikaitis, who allegedly defrauded the credit union and caused its failure. Court documents state Spirikaitis forged deposit account statements from the credit union's accounts at the $4.5 billion Corporate One Federal Credit Union, and used the stolen money to construct a $1.5 million home.
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