Vista Bank CEO had luxury vehicle ‘side deal’ with RDAG
LUBBOCK, Texas (KCBD) – documents 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 reduced leases for luxury cars. Although this ended up being occurring, court papers say Vista Bank had been alert to RDAG check-kiting schemes.
“The two worked together, each profiting from 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 (in the shape of approximately $150,000 in subsidized luxury vehicle leases for their individual usage, funded by Debtors), while at exactly the same time he and Vista Bank at large benefited through the huge bank costs it accumulated therefore the prestige of experiencing a ‘top shelf’ consumer while pursuing a growth-at-any-cost strategy. (lebih…)