Bank buys Jake Files' property in foreclosure sale for $2.1 million in defaulted loans | Arkansas Blog

Thursday, December 28, 2017

Bank buys Jake Files' property in foreclosure sale for $2.1 million in defaulted loans

Posted By on Thu, Dec 28, 2017 at 5:14 PM

click to enlarge SEN. JAKE FILES: Home sold at foreclosure sale.
  • SEN. JAKE FILES: Home sold at foreclosure sale.
Dave Hughes of the Arkansas Democrat-Gazette reports that the First Western Bank of Booneville bought three properties of Sen. Jake Files, including his Fort Smith home, on Free Ferry Landing, at foreclosure sales today to satisfy unpaid loans of $2.1 million. The bank bid $2.048 million, Hughes reported.

Files potentially faces bigger problems related to how tax money sent his way to build a local sports complex was spent. The FBI has been investigating. Files is not seeking re-election.

The Booneville bank won priority on the properties against a long list of people seeking money from Files, including other banks, the Arkansas Development Finance Authority and firms that had done business with Files' construction company. Files also was on the losing end of a $1.8 million foreclosure judgment in an apartment project.

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