How would you like a house with an indoor swimming pool, two fully equipped kitchens – one downstairs and one upstairs – and an entertainment room with a big screen and movie projector?

Alex R. Spirikaitis, the former president/CEO of the liquidated Taupa Lithuanian Credit Union in Cleveland, once had all of this, plus more, until the FBI and local police came knocking on his door at his $1 million suburban house on the night of July 16.

Federal prosecutors suspect the $1 million home was built with funds embezzled by Spirikaitis from the $23.6 million Taupa Lithuanian before it was closed and liquidated in July by the NCUA.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Management