Feds sue banker's estate over bank bailout money | Arkansas Blog

Wednesday, July 8, 2015

Feds sue banker's estate over bank bailout money

Posted By on Wed, Jul 8, 2015 at 9:22 AM

The United States has sued the estate and trusts of the late Layton P. "Scooter" Stuart, former owner of the bank holding company One Financial and its subsidiary One Bank, over alleged fraud in how the bank obtained $17.3 million from the federal Troubled Asset Relief Program.

The government has said previously that Stuart and others improperly diverted the bailout money to personal use. The new complaint said Stuart made false statements about the bank's condition and the use of the money to obtain it in 2008.

The government earlier had tried to seize life insurance proceeds payable to his trust.  Reporting then said an IRS agent had suggested Stuart had caused his death to preserve the insurance benefits for his estate. The county coroner disputed that theory. That filing detailed how Stuart spent the money in personal ways.

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