Vista Bank CEO had luxury automobile ‘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. While this had been taking place, court papers state Vista Bank had been conscious of 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 council that is special. “Vista Bank President, John D. Steinmetz, personally enriched himself through kick-backs (by means of approximately $150,000 in subsidized luxury vehicle 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 additionally the prestige of getting a ‘top shelf’ consumer while pursuing a growth-at-any-cost strategy. These advantageous assets to Vista Bank and its own owners and executives proved consideration that is ample just enabling CFO Smith’s proceeded fraudulence. ”
“Vista knew the character while the degree of Shane’s schemes that are fraudulent. Definately not stopping them, they took active measures to greatly help Smith carry down their schemes, ” according into the papers.
Today the following are excerpts from the court documents released: