Simmons First Sues Mountain Pure for Defaulting on $16.5M in Loans

by Mark Friedman  on Tuesday, Mar. 25, 2014 4:17 pm  

John Stacks, as seen in the online video "Rampant Injustice."

Mountain Pure is also facing lawsuits from two creditors seeking nearly $600,000 and an investor alleging securities fraud.

Stacks, who is also the CEO and principal owner of HomeBank of Arkansas, is facing 11 federal felony counts related to an SBA loan, which he received in 2009 after a tornado damaged his property at Damascus (Van Buren County). He has told Arkansas Business that the charges are "without merit" and has pleaded not guilty in court. His trial is set for the week of Sept. 29 before U.S. District Judge J. Leon Holmes.

Stacks also said Tuesday that in the last few weeks he has taken a leave of absence from HomeBank.

"So I could take care of a few of these things," he said. "I believe all of my issues are a result of my indictment."

He said he is launching a website, JohnStacks.com, later Tuesday to offer his take on the events surrounding his indictment. Stacks' case has attracted national attention in part because it was featured in an online video reenactment called "Rampant Injustice."

"There's a lot bigger picture and a lot bigger problem … that's going on in this country," Stacks said. "This is a lot bigger problem than just about John Stacks … It's about what brought this issue to where it is today."

 

 

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