LYNDHURST, Ohio–Another person has been sentenced to prison for fraud related to the failed Taupa Lithuanian Credit Union.
Andrew Belzinskas, 45, who was indicted in March of this year on one count of conspiracy to commit bank fraud and one count of bank fraud, has been sentenced to two years in prison for defrauding the credit union out of more than $436,000. Belzinskas pleaded guilty to the charges.
Belzinskas was an employee of Taupa Lithuanian Credit Union in Cleveland from 1991 through 2004, during which he held various positions, including loan officer. According to the indictment, he never earned more than $50,000 per year in any position.
After leaving the CU, authorities said that from 2007 through 2013 Belzinskas conspired with several others, including the former CU’s CEO, Alex Spirikaitis, to withdraw $436,026 from his personal accounts even though there were insufficient funds available. Authorities said Spirikaitis made multiple transfers to cover the overdrafts.
In addition to the prison sentence, Belzinskas has also been ordered to pay full restitution. Spirikaitis is currently serving a 10-year sentence for related crimes; five other people have also been convicted of crimes related to the failure of Taupa Lithuanian.
The credit union was put into conservatorship in 2013 when it had approximately $24 million in assets.