Shocking revelations came to light today as Alex Spirikaitis, the former CEO of Taupa Lithuanian Credit Union in Solon, Ohio, was sentenced to 130 months for orchestrating a massive fraud scheme that siphoned $15 million from the institution.
Spirikaitis, 52, pleaded guilty earlier this year to conspiracy to commit bank fraud and personally embezzled about $4.2 million over a 12-year period. He utilized the ill-gotten funds to construct a lavish home in Solon, secure premium seating at Cleveland Browns games, purchase multiple vehicles, and amass firearms.
U.S. District Judge James Gwin handed down the severe sentence, ordering Spirikaitis to pay $15 million in restitution. ‘This defendant is now paying the price for stealing millions from credit union members who trusted him,’ said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.
Stephen D. Anthony, Special Agent in Charge of the FBI’s Cleveland office, echoed the sentiment: ‘Alex Spirikaitis spent over a decade engaging in corrupt actions before fleeing from his credit union-funded home.’ The National Credit Union Administration and the Ohio Department of Commerce had to place Taupa into receivership last year due to insolvency.
Court records detail Spirikaitis’s extravagant lifestyle, which included using Taupa funds to purchase nine vehicles for himself and his family between 2007 and 2012. He also wrote checks totaling $1,655,000 for a home in Solon. Additionally, he conspired with others, allowing over $1 million in overdrafts and approving loans without proper financial information.
The case was investigated by the FBI and prosecuted by Assistant United States Attorney Robert J. Patton and Special Assistant United States Attorney Derek Kleinmann.
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Key Facts
- State: Ohio
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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