Posted 8/5/2013 12:00 am
Updated 4 months ago
Among the assets entwined in the financial imbroglio at One Bank & Trust is a 1,660-SF house in the Normandy neighborhood of Little Rock.
The residence at 13 Lombardy Lane was purchased in August 2011 for $265,000 by Layton “Scooter” Stuart’s daughter, Kirby. The property was sold for a $10,000 loss on July 6.
The proceeds covered selling costs and repaid the balance owed on a $212,000 loan originated by One Bank that helped buy the house.
The remaining $25,922 is ensnared in the July 12 forfeiture action by the U.S. attorney.
The government claims Scooter Stuart orchestrated the creation of false documentation regarding Kirby Stuart’s employment history and finances used to legitimize the $212,000 loan.
The complaint alleges that he provided $53,307 to help buy the house and implies the source of the money was bank funds, not private sources controlled by him or the family.
According to the complaint, Kirby Stuart has denied signing the mortgage documents. She couldn’t be reached for comment.