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Gross Mismanagement Allegations At First State Bank
Plaintiffs allege Powell and Poston used Phoenix Homes to skim secret profits, causing bank loans to swell to 360000 by August 1973 and 420000 by September. They say auditors concealed these losses and overdrafts of 43000 in a false financial statement, leading to 1500000 in total bank losses through mismanagement, fraud and breaches of trust.
MENTIONED IN THIS ARTICLE
Powell and Poston
Phoenix Homes, Inc. Corporation
Powell & Poston
George C. Baird & Company, Certified Public Accountants of
Augusta
First State National Bank
Comptroller of the Currency
Garrington