Former Credit Union President Invests $1 Million in Speedway With Retired Driver

by Arkansas Business Staff  on Monday, Sep. 5, 2011 12:00 am  

But the deal sounded squirrelly, Manatt said, because the Manatts - the sellers - were supposed to put in $1 million in order to help secure financing, and then everyone was supposed to get back at least double their money. It was one of at least four similar schemes that were pitched to the Manatt family during the three years they searched for a buyer for the speedway, he said.

'A Straight Deal'
Another person involved in the deal, Manatt said, was businessman Larry Clement of Fort Dodge, Iowa, whose brothers Stan and Conrad eventually bought Iowa Speedway.

Larry Clement confirmed to Whispers that he had been in contact with Bob Schacht about possibly buying the speedway - and that the president of a great big credit union in Little Rock was supposedly involved in the financing.

Clement was surprised to learn that Judy was actually president of a little bitty credit union (less than $40 million in assets). And the fact that she is likely to spend three or four years in federal prison as a result of her involvement in this investment opportunity was news to him. The name Emelyn Moselyn was completely unfamiliar, he said. (In fact, no one by that name even shows up in a Google search.)

But one thing Clement was certain about: Schacht is not a bad guy in this story.

"If Bob Schacht did something with this Emelyn person, he thought it was a straight deal," Clement said last week. "There isn't one-tenth of a chance that Bob did anything wrong. He may have got scammed by whoever he was working with."

Maybe we'll learn more when Joyce Judy is sentenced, which is likely several months hence.



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