Monday, October 26, 2009

Banks issued nearly $10 million in loans to Evans brothers in Desoto County; Exposure now estimated at nearly $52 million.

The Evans brothers apparently found Madison County too small as they ventured north to Desoto County to perpetuate what Mississippi Valley Title Insurance Company called a "fraudulent scheme". JJ reported last week 27 banks in Mississippi gave 68 loans worth nearly $52 million to companies owned by brothers Jon C. Evans or Charles Evans, Jr. Earlier post on banks' exposure, Post on lawsuits.

The Madison County Chancery Court recently issued a court order freezing all assets of the Evans brothers and any companies they owned. MVT accused Jon Evans of operating 25 companies that bought real estate and fraudulently obtained large commercial real estate loans from a multitude of banks in Mississippi. MVT also alleged his brother Charles, an attorney approved by MVT to issue certificates of title, participated in the fraud by issuing phony real estate titles to Mississippi Valley Title and the banks. Multiple loans were issued for the same property in many cases. It is suspected the Evans brothers operated a Ponzi scheme that involved lenders instead of investors.

While the legal battle continues in Madison County, JJ discovered 12 banks issued 17 commercial real estate loans worth $9,722,219 on properties in Desoto County to various Evans companies. The average loan size was $571,895. The loans are itemized below along with total for each bank's exposure. The calculations were based upon a review of the Deeds of Trust published on Desoto County's website. It should also be noted the total amount could decrease if any banks have not filed any loan payoffs at the appropriate courthouse.

Thus it is estimated banks issued $51,867,197 in commercial real estate loans to the Evans brothers in Madison and Desoto Counties. The totals for each bank posted in the earlier story will be updated to reflect each bank's estimated exposure to the alleged fraud. It is also strongly suspected the Evans' companies operated the same um, business plan in other counties and that the banks' exposure will only grow as more are discovered.

1st Trust Bank: $380,000
$380,000 on 11/5/04 to Snowden Grove Investors

First Alliance Bank: $1,520,000
$1,520,000 on 11/1/07 to Snowden Grove Investors. Modification of three earlier loans.

Merchants & Farmers Bank: $1,329,898
$713,023 on 2/23/08 to Snowden Lane Investments. Modification of earlier loan for $800,233.
$616,875 on 8/14/07 to Snowden Lane Investments

Community Bank: $800,000
$800,000 on 8/4/04 to Snowden Lane Investments.

Bankfirst: $800,418
$800,418 on 8/4/04 to Snowden Lane Investments.

Bancorp South: $1,355,585
$800,000 on 8/5/04 to Snowden Lane Investments.
$555,585 on 9/22/08 to Snowden Lane Investments

First Security Bank: $1,300,226
$900,165 on 4/28/08 to Brashear Heath
$400,061 on 6/27/05 to Cedar Lake Investors

Bankplus: $738,640
$338,122 on 8/25/06 to Colony Construction (Deed of Trust doesn't mention any renewal, extension, or modification of earlier loan.) Deed of Trust
$400,518 on 8/20/04 to Colony Construction Deed of Trust

Southtrust Bank: $400,000
$400,000 on 8/31/04 to Colony Construction

Wachovia: $400,000
$400,000 on 8/31/04 to Highland of Ridgeland

First State Bank: $752,640
$424,319 on 6/17/05 to Cedar Lake Investors
$328,321 on 6/27/08 to Cedar Lake Investors

Patriot Bank: $500,000
$500,000 on 7/22/05 to Cedar Lake Investors

10 comments:

Anonymous said...

Well, when you make it easy to hide behind an organization,this is what you get.

Anonymous said...

Exactly, 8.28. Just too easy.

Anonymous said...

at least Trustmark said NO

Anonymous said...

So, these dots were on properties located in Desoto county? Or the same properties in Madison they were scamming with? Not clear to me from the post.

Kingfish said...

ALl desoto. I will clarify. Sorry.

Anonymous said...

This is a perfect example of the need for reporting requirements through the Sec of State. I believe there is a movement for timely REQUIRED reporting to the SoS on the move through the legislature for LLC's? It might already have passed? I find it funny in this state you can file a name reservation for an LLC and not conduct any business, but if you get in trouble, suddenly assets are now a part of the LLC??? Wonder if the Feds have thought about looking at IRS filings crossed against LLC formations in the state....hmmmm.

Another interesting hiding/protecting of assets that occurs in this state that I came across was minor's settlement. How is it that a parent can settle read (park assets) with a minor and escape the reach of justice civilly? What is the true purpose of this civil action?

Anonymous said...

I find it funny in this state you can file a name reservation for an LLC and not conduct any business, but if you get in trouble, suddenly assets are now a part of the LLC???

A good lawyer can follow the paper trail and defeat this type fraud.

Anonymous said...

A good lawyer....hilarious!

Anonymous said...

Unbelievable work, KF. Great job.

Anonymous said...

1:29 For too many years one didn't need to be a good lawyer just to graduate from Ole Miss.

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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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