Copyright: | (c) 2011 Business-North Carolina |
Source: | Proquest LLC |
Wordcount: | 1509 |
The press release, which came the day after the bank’s second quarter ended, said nothing about a lawsuit that recently had accused Greenwood of allowing misuse of customer funds or the depths to which its financial condition had sunk. Only the gloomiest of forecasters would have predicted that within a year
In fact, on the day he retired, the bank seemed to be on the mend. It had netted
Even then, few outsiders would have written it off. Since the financial maelstrom of late 2008, other sick
Certainly,
The official reasons for
Greenwood’s bad loans and alleged transgressions intersected at two western
Early on, sales were good. A complaint filed by the trust of a Queens Gap lot owner says they reached
Under terms of the joint account, no money could be withdrawn without the approval of both Vinson and McCarthy. But a lawsuit filed by McCarthy contends that Greenwood allowed the transfer of
Greenwood also let Vinson overdraft a different
Meanwhile,
His troubles continued after the bank failed. In February, he was indicted on federal charges of fraud and money laundering. Though the
The practical effects of what happened to
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