The Post published extensive excerpts of Adelaide Property Valuers the tape transcripts in Monday’s paper. “It’s a really terrible situation for a lot of people. It’s very disappointing. But when some people at the top cook the books, they’re the ones responsible,” he said.
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- Peoples Bank sold all its banking centers and nearly all loans and deposits to Bank of Kentucky last year.
- when it became clear to its directors that the bank would not survive the Erpenbeck Co. scandal on its own.
- The shell corporation that remains only retains ownership of more than $8 million in bad loans to Erpenbeck as well as liability for the fraud that occurred at the bank.
Shares in Peoples, a private company, were believed to have raised in value from single dollars to more than $35 a share before a bank fraud scandal became public in April 2002.
The bank issued 1.5 million shares, and their value peaked at more than $52.5 million, at the $35 a share figure.
Directors and officers of the bank and their families controlled about 80 percent of the stock. The shareholders not on the board or related to board members and officers saw.
The value of their stock soar to more than $10.5 million before the scandal broke.
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- Their share now stands to be a tiny fraction of $10.5 million after the bank resolves various lawsuits and pays legal fees.
- The bank acknowledged findings from an FBI investigation that showed nearly $34 million in checks made out to other banks were stolen and deposited .
- into Erpenbeck Co. accounts at the bank over a two-year period. Two Erpenbeck Co. figures — Bill Erpenbeck, former president and founder, and .
- Michelle Marksberry, former closing agent — have pleaded guilty to bank fraud in connection with the scheme.
John Finnan and Marc Menne, Peoples’ former president and executive vice president, were forced to resign weeks after the scandal broke.
Both remain targets of the ongoing FBI investigation. In the event that you need to know your home estimation you will can settle on key choice about your property utilizing property valuation present and starting there in .
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