3 bankers indicted in Ramsey Town Center flop
April 24, 2009
Total Loss:
30 Million
The 29-count indictment accuses three former officers of Community National Bank of North Branch of money laundering, bank and mail fraud, and conspiracy in the financing of the ambitious but failed $1.3 billion development along U.S. 10.
Among other things, the indictment accuses the men of essentially using the Town Center as a piggy bank to steer other banks' money into Community National or their own pockets. The men are accused of using some of that money to pay for landscaping at their homes, meals and entertainment and other personal items.
Source:
Pioneer Press
Posted in:
Internal Fraud