Richard Torti Fights Layton Stuart Battle on Two Legal Fronts, County and Federal

by George Waldon  on Monday, Nov. 11, 2013 12:00 am  

Torti believes some of the lingering animosity and frustration with Scooter Stuart has been transferred to him.

“If we keep addressing each other with clenched fists, we’re never going to shake hands,” he said.

Alleged Money Diversions At One Bank & Trust By Layton “Scooter” Stuart
(Revised claims as of Nov. 4)

Northwestern Mutual and Pacific Life insurance loans* $2,938,609
Bank-paid personal air travel $2,026,513
Payments on personal credit cards $1,681,502
Payments for Stuart through Procurement Account $1,150,119
Buying and renovating 32 Valley Club Circle $894,156
Losses and costs of condos in Florida, Texas and Colorado $891,519
Sale of bank-owned condo in Dallas $765,130
Athletic donations and tickets $514,634
Overbilled marketing restitution $550,000
Unauthorized bonuses $383,270
Fictitious Verizon Arena renovations $377,132
Personal vehicles purchased by bank $261,700
Payments for Stuart through Accounts Receivable $205,725
Embezzlement restitution by fired employee $101,003
Payments for Stuart through Accounts Payable $95,876
Down payment on 13 Lombardy Lane & unearned salary for Kirby Stuart  $74,974
Consulting fees paid to Wagner Construction $50,121
Shell credit cards $14,392
Excess funding of health savings accounts for Stuart and his children $6,000
Total $13,544,034 **
 
Premium reimbursements owed to bank for maintaining $20 million life insurance policy on Stuart $3,498,531#
Interest on claims $1,822,686
Grand Total $18,865,251
   
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.

**Includes an alleged diversion of $561,655 for Lake Ouachita condo used by Tom Whitehead, former chief financial officer of One Bank.
#Conflicting paperwork could lower that figure to about $2.9 million.
##Reflects price paid.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Do you want to see professional hockey return to Arkansas?