Rickenbach Indictment Reveals More Details of One Bank Under Scooter Stuart

by Arkansas Business Staff  on Monday, Apr. 14, 2014 12:00 am  

Gary Rickenbach

“It would be inappropriate for me to comment at this time, but I may have something to say later,” Holiman said.

Within a few weeks after that investment, on April 9, 2007, Solaroli submitted the application that federal prosecutors claim “overstated” his net worth as being nearly $170 million. Solaroli is identified in the Rickenbach indictment as “A.S.”

The next day, his line of credit was up and running because, the feds say, Rickenbach “arranged for other Onebanc executives ... to approve this line of credit without going through the formal approval process of Onebanc’s Loan Committee.”

Solaroli spent all but $5,724 of the credit within six days but never made a single payment on the loan. He was indicted in November by a federal grand jury in Little Rock on one count of bank fraud for giving One Bank a financial statement claiming net worth of almost $170 million when he applied for the line of credit.

His trial is scheduled to begin Aug. 11.

Meanwhile

Co-conspirator Z may be new to the public record, but a character who first appeared in Solaroli’s indictment in the fall has reprised his role in Rickenbach’s indictment.

Prosecutors call him “D.C.” and identify him as a One Bank customer who also invested in Solaroli’s business.

As Arkansas Business previously reported, this supporting actor is David Crews, then an executive vice president at Crews & Associates of Little Rock, founded by his father.

One of the first things Solaroli did with his line of credit was have $380,000 transferred to Crews, although the money was allegedly for Solaroli’s benefit.

And while Solaroli was pointedly not making any payments, he did ask Crews to make a single interest payment on the line of credit in 2007.

Eventually, One Bank sued Solaroli in Florida and got a judgment for $1.5 million plus interest in the summer of 2008.

 

 

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