CLEVELAND, Ohio – Alex Spirikaitis, former CEO of Taupa Lithuanian Credit Union here, was sentenced Monday to spend more than 10 years in a federal prison.
Spirikaitis was behind a $15-million bank fraud conspiracy that led to the failure of the $24-million CU, which is now in receivership with NCUA.
U.S. District Judge James Gwin cited Spirikaitis' theft of more than $4 million from Taupa Lithuanian in deciding on a 130-month prison sentence, plus $15 million in restitution, the Cleveland Plain Dealer reported. He will receive credit for the 13 months he has spent in federal custody.
Assistant U.S. Attorney Robert Patton said Spirikaitis, 52, spent $100,000 of his stolen money on guns, plus $50,000 on a loge at Cleveland Browns Stadium, and $1.6 million on a home in Solon.
Spirikaitis unsuccessfully sought reduced prison time based on the needs of his twin teenage sons, who have special needs.
"It's a fairly sad day when he uses his children to try to get some benefits for himself," Gwin said. "He was sticking all these credit union customers across the country to finance his extravagance."
Spirikaitis told the judge that prison time was not his worst punishment, the Plain Dealer reported.
"There is no greater punishment than knowing my family is suffering, and the hurt that I have caused them," Spirikaitis said. "I want to apologize to everyone I have hurt by my actions. I am truly sorry."
According to the charging documents, from 1995 to 2013, Spirikaitis embezzled more than $4 million from the credit union. He also was personally responsible for causing $15 million in losses at the credit union.
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