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.
Bookkeeper Vytas Apanavicius charged with embezzling $1M in NSF scheme.
John Struna got regular cash payments from former CEO Alex Spirikaitis, now faces March 10 trial.
Court documents say conspirators include three employees and three members of the failed Taupa Lithuanian Credit Union of Cleveland.
Three employees and three members racked up millions in insufficient funds that caused Taupa Lithuanian Credit Union insolvency.
John Struna, who had personal and business accounts at the failed credit union, received $2.5M in fraudulent transfers from former CEO Alex Spirikaitis.
John Kolhoff, director of the Michigan Office of Credit Unions, has been elected chairman of NASCUS, the association said Monday.
Vincas Urbaitis, a former board director of the now-shuttered Taupa Lithuanian Credit Union, said he has been doing a lot of thinking lately about how he and six board members were double-crossed by Alex R. Spirikaitis, their former CEO.
This preview from our Aug. 14 print edition looks at how board members of the failed credit union say they were misled by fugitive CEO.