The NCUA files a lawsuit against a third-party accounting firm.

In a rare move, the NCUA sued a national business advisory firm for $10 million, and the lawsuit has developed into a fierce battle over whether the accounting company neglected to detect a massive, bizarre embezzlement scheme that liquidated a Cleveland, Ohio credit union and led to a $37 million loss for the industry’s share insurance fund.

The NCUA claimed the Mayfield Village, Ohio-based Skoda Minotti Co. and three of its accountants were allegedly negligent when they audited the $23 million Taupa Lithuanian Credit Union, whose president/CEO ended up on the lam for months when allegations surfaced in July 2013 that he stole more than half of the credit union’s assets over 12 years.

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Peter Strozniak

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