Here’s another case of financial malfeasance, in this case a tale of conspiracy, bribery, bank fraud and securities fraud.
- A hotel developer gave payoffs to a bank officer to get loans.
- The loans were for $80 million.
- The developer put about $20 million of the loans into his personal checking account.
- He bought a private island in the Bahamas (cost: $1.5 million)
- The bank failed.
- About one-third of the bank’s losses came from loans to the hotel developer.
- Right before the bank collapsed, a bank vice president sold $350,000 in bank shares.
- The CEO began every business day praying with the top officers.
- They prayed underneath a plaque of "The Prayer of Jabez." (see image above, and text below.)
- The bank was founded as a Christian, "faith-based" bank.
- The name of the financial institution?
- Integrity Bank.
Unfortunately, I guess it’s not so unusual.
From Business Week>>
The Prayer of Jabez
Jabez called on the God of Israel, saying: Oh that You would bless me indeed and enlarge my territory, that Your hand would be with me, and that You would keep me from evil, that I may not cause pain.
– 1 Chronicles 4:10