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News Now

CU System
FBI Offers Reward For Arrest Of Liquidated CU's CEO
SOLON, Ohio (7/18/13)--The Federal Bureau of Investigation Wednesday offered a reward for information leading to the arrest and prosecution of the CEO of a Cleveland, Ohio-based credit union that was liquidated Monday.
 
Alex Spirikaitis,  CEO of the now-liquidated Taupa Lithuanian CU, is wanted on charges related to embezzlement.  He was believed to be holed up at his home in Solon, Ohio, after authorities arrived Tuesday night with an arrest warrant. However, they discovered Wednesday--after what they believed was  a 12-hour standoff  with Spirikaitis barricaded inside--that the home was empty (KAIT8.com  and WKYC.com July 17.
 
Authorities had tried to serve the warrant on charges of  false credit institution entries at 8 p.m. Tuesday.  Family members were present at the home but were asked to leave when it was thought Spirikaitis had barricaded himself inside. The FBI and police stayed at the home overnight and attempted to communicate with him using a loudspeaker.
 
The Ohio Division of Financial Institutions closed the $23.6 million asset credit union Monday after determining it had no prospect for restoring viable operations and appointed the National Credit Union Administration as liquidating agent  (News Now July 16).  Members' deposits are federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
 
The 11th federally insured credit union liquidation this year, Taupa Lithuanian CU served 1,154 members. It was chartered in 1984 to serve the Lithuanian community of  Cleveland and Northeast Ohio.


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