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Wednesday, May 14, 2014

Arvest denies knowledge of documents involved in fraud case

Posted By on Wed, May 14, 2014 at 11:58 AM

Arkansas Business has been ahead of the rest of state media  in coverage of a loan fraud investigation involving Dennis Smiley, former CEO of Arvest operations in Benton County. Today it has a report related to a document purportedly signed by another Arvest official that allowed Smiley to use Arvest stock as collateral on a loan at another bank. Arvest disclaims knowledge.

AB, at the link above and in related stories, has all the details. Smiley faces lawsuits from nearly a dozen banks for defaulting on loan agreements that could total $4.5 million. Big money and a big bank makes for an important business story.

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