CLEVELAND — Alex R. Spirikaitis, the central figure of the $15 million fraud scheme that led to the collapse of the Taupa Lithuanian Credit Union, was sentenced to 130 months in federal prison Monday by U.S. District Court James S. Gwin in Cleveland.
Gwin also ordered the former cooperative president/CEO to pay $15 million in restitution to the NCUA even though Spirikaitis personally embezzled approximately $4.2 million.
Gwin said Spirikaitis facilitated the theft by enabling co-conspirators to steal $15 million from a credit union that had only $23.6 million in assets. The NCUA and the Ohio Department of Commerce took possession of Taupa Lithuanian in July 2013 and placed it into receivership because of insolvency. The Cleveland cooperative served about 1,150 members.
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
Already have an account? Sign In Now
© 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.
