Monday, May 21, 2018

Everybody sues Ashton

How many like this are there?
But a decade later, First NBC Bank and St. Theresa are both closed, and in the aftermath of First NBC’s collapse, the Liljebergs’ borrowing is the focus of separate civil lawsuits in which they are both suing and being sued. One of the suits accuses Ryan of fraud.

The Liljebergs borrowed almost $40 million in a nine-year span, much of which, they now allege in court documents, was done without their approval and at Ryan's behest. They say the First NBC president and CEO issued them new loans so that they'd be able to make payments on older ones as they came due. His goal, they claim, was to “fraudulently improve” the bank’s finances.
So far this is only the second such civil case that may have to be stayed while the federal criminal probe against FNBC proceeds.  This "community bank" had a lot of loans out there in the, uh, the community.  Of course all of the recipients are going to claim they were being taken advantage of by Ryan.  But there's probably more to it than that in a lot of cases. I wonder how many we're going to learn about as this goes on.

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