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Two men plead guilty to bank fraud

 
Two men plead guilty to bank fraud
Posted February 3rd, 2014 @ 6:08pm

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(Cleveland) Two men have pleaded guilty to their parts in stealing millions of dollars from the Taupa Lithuanian Credit Union.  51-year-old CEO Alex Spirikaitis of Solon and 44-year-old book-keeper Vytas Apanavicious of Mentor will be sentenced on May 9th.

According to Mike Tobin with the U.S. Attorney's office, Spirikaitis routinely deposited and transferred Taupa funds into member accounts to cover multiple overdrafts.

Spirikaitis took nearly $4.2 million dollars for his own personal use, and played a role in people taking collectively $15 million from the credit union.

Apanavicious owned VPA Accounting Inc., which provided book-keeping and accounting services for the bank from 1995-2013.  He became aware of Spirikaitis' scheme and the two had apparently worked together to continue defrauding the bank of money.

As a result, Taupa Lithuanian Credit Union suffered a loss of nearly a million dollars.  The bank has since closed.

 

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