Wednesday, January 19, 2011

Federal regulators slap failed bank's former execs — including one state senator — with $70 million lawsuit

Posted By on Wed, Jan 19, 2011 at 9:00 AM

Federal bank regulators have targeted eight former executives and directors of failed, "faith-based" Integrity Bank with a $70 million lawsuit alleging gross negligence and "breaches of fiduciary duties." Among the defendants: State Sen. Jack Murphy (above), a Golden Sleaze recipient and recent supporter of efforts to "correct" the 14th Amendment. The Cumming Republican was recently named chairman of the Senate Banking Committee. Jim Galloway has a PDF of the lawsuit here.

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