Bad business university loans go to insider at New Frontier In the years bringing on its collapse, New Frontier Bank expended about $9.
6 million in loans for a former director who later was in prison for felony theft for a mortgage scheme, His bankruptcy particulars show. Dean Juhl, The most important aspect directors at the Greeley bank, Got at least five loans this. The mostly unsecured notes remained as on the books when the bank was shut down by government bodies in April, Good court medical history. Tough what he owed New Frontier, Juhl racked up $50 2015 thanksgiving deals million in debt to various creditors while he helped run or committed to choices, Including a Deals on Wheels car business business venture and JS property, Within the last few eight years. Juhl, 63, Reconciled coming from New Frontier board in March 2007 after a nine year term. His bankruptcy filing this past March provides information about New Frontier lending strategies, Raising doubts about your own home now failed bank properly policed loans to past executives and board members. Afterwards of 2008, Specialists faulted New Frontier for reckless lending. Department of Justice has launched a criminal researching into the dealings that resulted in the collapse of New Frontier, According to a high ranking government official with understanding of the probe. Attorney Office co does not comment. Two of the loans stated by Juhl one for $2.74 million and one for $87,606 were out old aug 2008, Six months after his conviction for theft in Weld County related to a mortgage fraud operated through his JS reatlor. Juhl, Who offered up a month in jail, Been reduced to comment with story. This man's boyfriend, Licence plate Strodtman, Fled to black friday 2015 deals usa Mexico before being captured and go back. He faces a check out national trial on two dozen counts of theft and forgery, Effectively as racketeering charges. Strodtman couldn be contacted for comment friday. Home Juhl August 2008 loans are not disclosed in court papers. But New Frontier former president Larry Seastrom said the bank had provided loans to JS specific market place before its fraudulent activities were exposed. He said the board effectually vetted them, Per policy while stating guiidelines, As it did for other sorts of board members who got loans. Seastrom said thinks that last August the bank refinanced existing loans for Juhl without allowing money. A personal unsecured loan company, We were trying promoting him, Seastrom appreciated that. The make available, He was quoted saying, Can have required protection, But he doesn have any recognition of what assets backed it. Juhl records don reflect whether clearly there seems to be guarantee, Perhaps from a three way partnership partner. Representatives with new york state Division of Banking, The top regulator of state chartered banks, Declined to say if they flagged Juhl loans during tests of the bank. Colorado law demand bank boards to closely monitor loans to its officers, Mandating that trades be limited to a number of capital, Among other road. The law probably couldn't bar banks from making thanksgiving sales online loans to felons, Nor does it limit funding for former company owners. Colorado Banking Commissioner Fred Joseph said any direct loans to Juhl in August give me pause and should be looked at. New Frontier pros wasn't cited as suspects in the Weld County mortgage fraud probe. But for you to Juhl indictment, At least one black friday holidays of his illegal clients a Nov. 16, 2005, Check he wrote to a client were held at the particular. Bankruptcy notes show New Frontier if Juhl a $535,316 home owner loan two days later. Your loan trade with Juhl involved a $4.8 million observe out old April 2007, A month after he resigned from the financial institution. Questions have dogged the dealmaking of other New Frontier officers massive. Bank you sued a former state, Jeff Allison, For misappropriating funds withinside their medical care data. He was in prison for theft and banned from depositing. Claims in the bankruptcy of Johnson Dairy allege at least two New Frontier executives cheated complex loan arrangements made with the business.
Right at this moment, Records show that Federal Deposit medical care health auto insurance policy Corp. Attorneys have entered Juhl bankruptcy cases to try to recover as much money as is practical from Juhl. Civil rights claims are also filed against Juhl by alleged victims of his property dealings.
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