Alex R. Spirikaitis and his lawyer have been given more time to conduct pre-indictment negotiations with federal prosecutors over Spirikaitis’ role in a massive fraud case that led to the collapse of the $23.6 million Taupa Lithuanian Credit Union in Cleveland.
Industry experts say due diligence can help credit unions avoid losses like those suffered by the $620 million Alabama One Credit Union in Tuscaloosa, Ala., and the Small Business Administration, which were defrauded of more than $3 million by a businessman.
Ex-fugitive CEO gets extra month to negotiate before indictments in Taupa Lithuanian case.
Losses like the $3 million case involving the SBA and Alabama One can be avoided, experts say.
Authorities finally captured former Taupa Lithuanian President/CEO Alex R. Spirikaitis Oct. 21, who had been a fugitive since July until he was nabbed by federal agents while walking on a sidewalk on Cleveland’s east side.
Documents now show Taupa Lithuanian FCU case may be one of the largest known thefts from a credit union.
CLEVELAND — CEO had "multiple semi-automatic weapons" and ammunition stored at now-closed credit union.
FBI says Alex Spirikaitis, ex-CEO of Taupa Lithuanian CEO, was arrested Monday afternoon in Cleveland.
Rhode Island credit union supervisor had turned herself in after unrelated bank robbery alarmed her, FBI says.
The SBA and the $620 million Alabama One Credit Union were among the victims of check kiting and other fraudulent activities allegedly committed by Danny Ray Butler, a businessman and real estate developer.