In 2011, Struna invested $100,000 in Atlantic Bullion & Coin, operated by Ron Wilson in Greenville, S.C. It turned out that Wilson, a former Anderson County Council member and state school board member, was running a Ponzi scheme by soliciting money from investors, promising them high rates of return through the purchase of silver at low prices and then selling the precious metal at high prices.  

Although some investors received substantial returns, Struna did not.

Wilson scammed about 800 investors throughout the U.S. and lost $57 million of their money over 11 years. He was sentenced to more than 19 years in federal prison in November 2012.

In court documents filed in March and April in U.S. District Court in Columbia, S.C., the NCUA argued that it is entitled to recover the full $100,000 in part because it supports the important public interest in maintaining the NCUSIF.

"Unlike other investors who voluntarily invested personal assets, the Liquidating Agent (NCUA) is seeking to recover money wrongfully obtained and fraudulently transferred by Struna from a federally insured credit union," Samuel D. Fleder, a Raleigh, N.C.-based attorney for the NCUA, wrote in court documents. "Further, unlike the other investors seeking to recover funds from AB&C for their personal benefit, the Liquidating Agent is performing a public function in accordance with all powers afforded it under the FCUA to minimize the loss to the NCUSIF."

The court appointed receiver, Beattie B. Ashmore of Greenville, who is managing and distributing the remaining forfeited assets from the Ponzi scheme, argued that the NCUA is not entitled to the full $100,000 and should receive a distribution on par with the other investors.  That means the federal agency will recover significantly less than the $100,000 that was originally invested.

In court documents, Ashmore wrote that the NCUA is not entitled to the full $100,000 because it does not have "clean hands." This is a legal principle that states anyone who has acted unethically or in bad faith in relation to a lawsuit will not be granted equitable relief by a court.

After the NCUA liquidated Taupa Lithuanian, the federal agency held all of the rights, powers and privileges of the credit union, including its members and officers.

"It follows that the NCUA would also succeed to any bad acts or fraud committed by the credit union, its officer, directors, employees or agents," Ashmore wrote. "Consequently, the NCUA does not come into this court with clean hands."

Ashmore noted Struna conspired with Spirikaitis to make 46 fraudulent transfers into Struna's accounts.

"The unclean hands of Taupa is a vital consideration in this court of equity," Ashmore wrote. "If the NCUA were to walk away with the entire $100,000, it would be unjustly enriched despite Taupa's central role, via Spirikaitis, in Struna's fraud."

The NCUA countered Ashmore's unclean hands claim as legally deficient.

"Essentially, the receiver (Ashmore) is attempting to have the public at large, those that benefit from a healthy federally insured credit union system, pay for the illegal and improper act of Taupa Lithuanian Credit Union Inc.'s management," Fleder wrote.

He noted that most courts have rejected Ashmore's argument.