Former Loan Officer Gets Blame for Seven-Figure Losses

by Mark Friedman  on Monday, May. 3, 2010 12:00 am  

Timberland said it expected to have a loss of $616,657 after Wilson's collateral was recovered and sold.

In 2008, Rick Wilson sued Timberland Bank in an attempt to avoid paying a $467,000 loan tied to Wilson's Camper & RV Country that was in default.

Wilson maintains in his lawsuit, filed in Garland County Circuit Court, that he didn't sign the loan documents, that they were the "product of fraud and/or forgery, and should not be held enforceable by this Court."

The lawsuit doesn't blame any individual for the alleged forgery, and neither Wilson nor his lawyer, Ralph Ohm of Hot Springs, returned calls seeking comment.

But in the court documents, he asked that the loan document be declared invalid.

Timberland denied in its court documents that the loan documents were forged. The bank filed a counterclaim against Wilson and maintained that he owed $477,879 because he had personally guaranteed the loan.

That case is pending.

Turner Still Unemployed

Turner has had a difficult time finding a job after being fired as chief lending officer for Timberland Bank in the summer of 2008.

On April 15, he filed for Chapter 7 bankruptcy protection in the Western District of Arkansas.

Turner's bankruptcy filing shows total income of $13,200 each year in 2008 and 2009 from what is described as "spouse support," and he is still described as unemployed.

Turner also was in the process of surrendering his El Dorado home to Billy Neal, who is not otherwise identified. Neal holds a $750,000 mortgage on the house, which is valued at $574,000 in Turner's bankruptcy filing.

Turner's 4,000 shares of Timberland stock have been handed over to First National Bank of Crossett, the filing shows. He listed the value of the shares at $100,000, which is what he bought them for in 2000.

 

 

 

 

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