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‘Scooter’ Stuart Family, Bank Reach Settlement Over $14.9M Forfeiture

1 min read

A tentative settlement has been reached in the civil forfeiture of $14.9 million seized from Layton “Scooter” Stuart and his estate.

Terms of the agreement between the U.S. government, One Bank & Trust and the Stuart family weren’t released but are expected when the deal is finalized in August.

The development has led to the postponement of the scheduled start of a trial in U.S. District Court on Aug. 17.

Most of the money represents the remaining payout from a life insurance policy on Stuart, who died at the age of 62 on March 26, 2013.

The government seized the $17.7 million payout four months later as part of a federal fraud investigation of Stuart and other One Bank associates.

One Bank received $3 million of that in May 2014 as reimbursement for payments it made to keep Stuart’s life insurance policy in force.

Stuart controlled the bank but was ousted as its chairman, president and CEO by the Office of the Comptroller of the Currency on Sept. 28, 2012.

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