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‘Vista Bank aided and abetted’ RDAG CFO’s fraudulence

Vista Bank CEO had luxury vehicle ‘side deal’ with RDAG

LUBBOCK, Texas (KCBD) – court papers filed Wednesday by the court appointed Special Counsel to Debtors describe a ‘side deal’ between RDAG CFO Shane Smith and Vista Bank CEO John Steinmetz that supplied Steinmetz with steeply discounted leases for luxury cars. While this ended up being taking place, court papers state Vista Bank ended up being alert to RDAG check-kiting schemes.

“The two worked together, each taking advantage of the other’s misconduct, ” in line with the papers filed by Andrew Seger, the court appointed unique council. “Vista Bank President, John D. Steinmetz, personally enriched himself through kick-backs (by means of approximately $150,000 in subsidized luxury automobile leases for their individual usage, funded by Debtors), while on top of that he and Vista Bank at large benefited through the huge bank costs it accumulated in addition to prestige of getting a ‘top shelf’ customer while pursuing a strategy that is growth-at-any-cost. These advantages to Vista Bank as well as its owners and executives proved consideration that is ample simply allowing CFO Smith’s proceeded fraudulence. ”

“Vista knew the type therefore the level of Shane’s schemes that are fraudulent. Not even close to stopping them, they took active measures to greatly help Smith carry away their schemes, ” according to your documents.

Listed below are excerpts through the court papers released today:

  • Dealerships deposited an astounding and amount that is inexplicable of into three Vista checking reports. This amount is approximately 5.8 times larger than the three dealerships gross sales for 2016 and 5.6 times larger than the gross sales for 2017 by comparison with past annual gross sales. Continue reading