One Bank's Scooter Stuart Thought He Knew Who Blew the Whistle

by George Waldon  on Monday, Aug. 5, 2013 12:00 am  

The restitution was made through a $550,000 One Bank loan to “the owner of the marketing company” that was guaranteed by the owner’s father-in-law, according to the complaint. Ricciardone’s father-in-law is Little Rock attorney Richard A. Williams.

The $550,000, however, was allegedly redirected by Stuart into an account for his personal use. “Former Employee C” — Heald — “was generally the person authorizing the bank to pay the marketing company’s invoices,” according to the complaint.

Heald is currently listed as the chief financial officer and a partner in Bespoke Video Production of Little Rock, where Ricciardone is a partner and creative director.

What the forfeiture complaint called the “Overbilling by Marketing Company and Layton Stuart” was one of more than a dozen instances of alleged self-dealing by Stuart.

Accompanying that court action was the seizure of assets valued at $18 million to offset more than $16.8 million in bank funds that Stuart allegedly diverted to his personal use. (See table below.)

Alleged Money Diversions At One Bank & Trust By Layton “Scooter” Stuart

Northwestern Mutual and Pacific Life insurance loans* $7,784,502
TARP Funds $2,185,343
Interest from participation loans $2,000,000
Loan for John Hancock Life Insurance policy on Stuart** $1,761,000
Bank-paid personal air travel $1,750,000
Buying and renovating 32 Valley Club Circle $1,096,897
Sale of bank-owned condo in Dallas $765,130
Overbilled marketing restitution $550,000
Bank funds used to pay personal credit cards $377,132
5 personal vehicles purchased by bank $235,555
Embezzlement restitution by fired employee $101,003
Downpayment on 13 Lombardy Lane $53,307
Total $16,898,869
Assets Seized by Federal Agents  
Net death benefit on John Hancock    
Life Insurance policy on Stuart $17,693,837  
Two Bank of America accounts $107,800  
2013 Land Rover $67,093 #
2013 Lexus RX350 $46,268 #
2008 Escalade $62,314 #
2011 Cadillac SRX $45,247 #
Net proceeds from sale of house at 13 Lombardy Lane $25,992  
Five One Bank accounts $25,263  
2008 Global Electric Motorcar $14,633 #
Total $18,088,447

*Bank-owned life insurance policies on senior management.
**Loan was repaid from the $20 million payout after Stuart’s death and isn’t reflected in the diversion dollar total.
#Reflects price paid.

“I’m in a situation where I can’t offer any comments now,” said Richard Torti Sr., executor of Stuart’s estate and trustee of various Stuart family trusts. “But I can tell you the family has been devastated over the loss of their father, a husband and their provider.”

According to court filings, Stuart designated Heald as the original executor of his estate and trustee of the various family trusts created under his will dated Feb. 3, 2006.

Stuart named Torti as executor and trustee in a codicil to his will dated March 11, a mere 15 days before his death.



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