‘Vista Bank aided and abetted’ RDAG CFO’s fraudulence

‘Vista Bank aided and abetted’ RDAG CFO’s fraudulence

Vista Bank CEO had luxury vehicle ‘side deal’ with RDAG

LUBBOCK, Texas (KCBD) – documents filed Wednesday by the court appointed Special Counsel to Debtors describe a ‘side deal’ between RDAG CFO Shane Smith and Vista Bank CEO John Steinmetz that supplied Steinmetz with steeply reduced leases for luxury cars. While this ended up being taking place, court papers state Vista Bank had been alert to RDAG check-kiting schemes.

“The two worked together, each profiting from the other’s misconduct, ” in line with the papers filed by Andrew Seger, the court appointed unique council. „Vista Bank President, John D. Steinmetz, personally enriched himself through kick-backs (in the shape of approximately $150,000 in subsidized luxury automobile leases for their individual usage, funded by Debtors), while in addition he and Vista Bank at large benefited through the huge bank charges it obtained as well as the prestige of experiencing a ‘top shelf’ consumer while pursuing a strategy that is growth-at-any-cost. These advantages to Vista Bank and its own owners and executives proved consideration that is ample simply allowing CFO Smith’s proceeded fraudulence. ”

“Vista knew the character plus the degree of Shane’s schemes that are fraudulent. Definately not stopping them, they took active measures to aid Smith carry away his schemes, ” according to your papers. „‘Vista Bank aided and abetted’ RDAG CFO’s fraudulence“ weiterlesen