Latest charges allege Ohio men embezzled $1.9 million that led to the credit union’s collapse.
New charges from federal prosecutors include conspiracy to commit bank fraud, money laundering and making false statements.
The material loss report on the failed Taupa Lithuanian Credit Union reveals red flags back in 2010. The failure cost the NCUSIF $33.5 million.
CLEVELAND - Michael Ruksenas was sentenced Friday to 17 months in prison for stealing more than $480,000. The family relationship was revealed in court.
Former Taupa Lithuanian Credit Union CEO pleads guilty in court appearance.
CLEVELAND—Former Taupa Lithuanian CEO could face 30 years in prison and a $1 million fine.
Court documents say conspirators include three employees and three members of the failed Taupa Lithuanian Credit Union of Cleveland.
The very fact that the agency has to issue a rule about home-based credit unions is preposterous.