New Federal Charges Filed Against Steve Standridge

by Gwen Moritz  on Monday, Dec. 23, 2013 12:00 am  

Steve Standridge enters the federal courthouse in Little Rock in 2012. (Photo by Mark Friedman)

As collateral, Standridge offered shares of stock in SSI, a business that Standridge claimed — falsely, according to prosecutors — was then worth more than $45 million.

Gigerich took $2 million out of his Summit Bank account on Jan. 19 and gave it to Standridge.

A week later, on the same day that the prospects for a second loan from Baldwin were evaporating at Simmons First Bank, Standridge asked Gigerich for another loan to buy the Mount Pleasant agency. On Feb. 1, Gigerich took another $700,000 out of Summit Bank and gave it to Standridge.

“From February 2, 2010, until in or about October 2010, Standridge continued to make false and fraudulent promises and representations that he would repay Gigerich but as of the date of the Indictment Standridge has not repaid any of the $2.7 million fraudulently obtained from Gigerich,” according to the new charges.

Specifically, the Oct. 30 indictment accuses Standridge of eight counts of wire fraud, one count of mail fraud, two of money laundering and six counts each of bank fraud and making a false statement to a financial institution.

(Clarification, Jan. 2, 2014: The late Dr. Edward Cooper was neither friend nor client of Steve Standridge, according to his widow, but was a friend of Dr. Steve Baldwin, who enlisted Cooper's help in raising money to lend to Standridge.)

 

 

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