Dennis Smiley: Father's Signatures Might Be Fake

by Lance Turner and George Waldon  on Friday, Apr. 25, 2014 3:14 pm  

Dennis Smiley Jr.

The debt is among a roster of similar loans secured by HDS Holdings and Dennis Smiley Jr.'s stake in an executive compensation account tied to the value of Arvest Bank stock.

Smiley allegedly used the same collateral to secure as $4.5 million to $5 million in loans from 20 banks doing business in Arkansas, many of which are now filing lawsuits to recover the money. Arkansas Business has also learned that Smiley Jr. is the subject of a federal criminal investigation for loan fraud.

First Federal, the latest to get in line, filed suit Thursday afternoon to recover the balance on two loans made to Smiley's HDS Holdings LLC and personally guaranteed by him. The loans also were allegedly guaranteed by his father and a family trust.

First Federal claims $49,999 owed on a $50,000 loan made on April 10, 2013, and $20,000 owed on a $25,000 loan made on May 31, 2013.

The suit names HDS Holdings, H. Dennis Smiley Jr., Henry Dennis Smiley of De Queen and the Henry Dennis Smiley Revocable Trust as defendants.

On Monday, three other banks — Integrity First Bank of Mountain Home, First State Bank of Russellville and First Security Bank of Searcy — filed similar lawsuits.

 

 

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