Looks like this action is sadly a day late and many dollars short! Why aren't we seeing a simultaneous Motion from Danbury Savings Bank for Bank Fraud in the event that the financial statements of Fd/FORE weren't properly submitted? How was Danbury Saving Bank able to undertake a loan of this size (large for this particular institution IMO) if the Borrower hadn't prepared 1040s for 2 years and didn't have reviewed or audited financial statements? Is this loan to FD/FORE in compliance with the lending practices of The Danbury Savings Bank?
I'm really curious what the Board of Directors of The Danbury Savings Bank thinks of how their lending guidelines were implemented by its staff officers in making this loan to FORE/FD? Are the involved officers still with Danbury Savings Bank? I'd frankly be quite concerned if this loan file looks anywhere close to what I imagine it to be! YIKES!!!!!!!!!!!!
Fd had 'no equity' in the property in New Canaan (is this in compliance with bank lending practices?). Fd also refused to allow the Bank to have a key to the property to check on the status of the project and refused to allow a security camera to be installed so that they could monitor the property as well (wouldn't this generate a default in the underlying lending documents as well given that this appeared to be within the ability of the Bank to do?).
Wonder who from Danbury Savings Bank, Danbury, CT was charged with supervising this loan? Oops!
Another FORE/FD financial mess and I do wonder how much $$$ Fd sucked out of this property and how much of it ended up in the pockets of various Pattisville atty's?
Are we seeing possible bank fraud both with Danbury Savings Bank and Peoples Bank of Bridgeport from FORE/Fd undertaken to pay attys?
Is the States Atty. also looking into this issue regarding potential bank fraud to pay attorneys and other creditors?
Relevant sections from the above posted Motion for Appointment of a Permanent Receiver.
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MOO