FDIC Scores $6.4M Judgment in ANB Financial Case

by Arkansas Business Staff  on Monday, Apr. 22, 2013 12:00 am  

The Federal Deposit Insurance Corp., acting as the receiver of the defunct ANB Financial of Bentonville, easily scored another multimillion-dollar judgment last week against a Benton County developer.

Now the trick will be collecting the $6.4 million judgment from Jagtar Dhaliwal of Benton County. His track record isn’t good. Dhaliwal hasn’t paid a dime of a $4.3 million judgment the FDIC received against him last year. 

In the latest judgment against Dhaliwal, the FDIC’s lawsuit centered on a $5.56 million loan handled by two people who pleaded guilty last year to federal crimes involving bribery: former ANB loan officer William B. Hemm and Christopher Lee Talley, who took out the loan on behalf of CJC Development LLC of Rogers.  

The FDIC didn’t name Hemm or Talley as defendants in its lawsuit against Dhaliwal. Instead, it sued Dhaliwal because he personally guaranteed the loan, which was taken out in November 2006 and defaulted on a year later, the lawsuit said. 

The FDIC said the unpaid principal of $4.88 million and interest of $1.42 million and other fees brought the total to more than $6.4 million. Dhaliwal didn’t even bother to answer the lawsuit, which was filed in U.S. District Court in Fayetteville and which resulted in a default judgment being slapped against him.

Back in 2011, Talley, Dhaliwal and others were named in a lawsuit for defaulting on a $4.25 million loan from ANB that was taken out at the end of 2006. Neither Dhaliwal nor the other defendants filed a response in that case either.

At the end of last year, the FDIC filed paperwork to allow the U.S. Marshal to seize Dhaliwal’s property to satisfy the judgment. Court records don’t indicate if any property has been taken. An attorney for the FDIC, Adrienne Jung of Little Rock, couldn’t be reached for comment Thursday. 

As for Hemm and Talley, they were recently sent to federal prison for their crimes.

Hemm, 34, is serving his two-year sentence at a low-security federal prison in Seagoville, Texas. Talley, 41, was sentenced to 14 months in prison. Last week, his location was listed as “in transit” on the Federal Bureau of Prison’s inmate search website. 

 

 

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