We determined 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.