We determined Taupa Lithuanian Credit Union (Taupa) failed primarily due to management
fraudulently overstating assets, specifically cash on deposit, and understating shares. According
to the Call Report filed just prior to the discovery of the fraud, the credit union reported total
assets of approximately $24 million, and total liabilities of $21 million, which credit union
management reported were comprised almost entirely of member shares. When Ohio SSA and
NCUA Region III officials discovered the fraud and determined the credit union to be insolvent,
the Ohio SSA liquidated Taupa Lithuanian Credit Union on July 15, 2013, and appointed NCUA
as liquidating agent.