- Associated Press - Tuesday, December 2, 2014

CLEVELAND (AP) - The former chief executive officer of a credit union in northeast Ohio has been sentenced to nearly 11 years in prison in a $15 million fraud case.

Fifty-two-year-old Alex Spirikaitis was sentenced Monday in federal court in Cleveland. He had pleaded guilty earlier this year to one count of conspiracy to commit bank fraud.

Spirikaitis was accused of personally embezzling more than $4 million from the Cleveland-based Taupa Lithuanian Credit Union between 2001 and 2013 and misrepresenting credit union assets to regulators.

The National Credit Union Administration and the state of Ohio took over the credit union in July and placed it in receivership. It had about 1,150 members.

Spirikaitus was sentenced to 130 months in prison and ordered to pay $15 million in restitution.

Two others also were charged.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide