LAWSUITS NEWS & LEGAL INFORMATION
Centennial Bank Holdings Inc.
Denver, CO: (Aug-08-07) Former clients of jailed financial adviser Will Hoover brought a lawsuit against Centennial Bank Holdings Inc., over a subsidiary, Guaranty Bank & Trust Co., which Centennial Bank acquired in 2004. The suit, filed by more than 40 of Hoover's victims, alleged that Guaranty Bank and its former chairman helped Hoover conduct and prolong a Ponzi scheme, in which Hoover helped himself to investors' money and used money from later investors to repay obligations to earlier ones. The civil lawsuit sought as much as $50 million in compensation, damages, and legal fees. The case was set to go to trial late August 2007.
In a settlement reached, Centennial Bank Holdings agreed to pay over $6.5 million to resolve allegations. Centennial Bank will incur a pre-tax charge of about $6.5 million after insurance coverage. The bank said the settlement does not constitute an admission of liability or responsibility, or an admission of the truth of the allegations. [DENVER BUSINESS JOURNAL: INVESTOR SCHEME]
Published on Aug-9-07
In a settlement reached, Centennial Bank Holdings agreed to pay over $6.5 million to resolve allegations. Centennial Bank will incur a pre-tax charge of about $6.5 million after insurance coverage. The bank said the settlement does not constitute an admission of liability or responsibility, or an admission of the truth of the allegations. [DENVER BUSINESS JOURNAL: INVESTOR SCHEME]
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