State and local officials are investigating what might be Nebraska’s largest case of bank fraud related to loans obtained by a recently deceased Lincoln developer.
Claims by banks and other lenders against the estate of Aaron Marshbanks already total more than $30 million and may eclipse $50 million by the time all of the claims are filed, according to court documents and one source familiar with the loans. More than 20 banks and savings and loans — from Omaha and Lincoln to Curtis and North Platte — are involved, as well as some credit unions.
Richard Baier, president and CEO of the Nebraska Bankers Association, said his members suspect this may be a case of “pretty sophisticated fraud” involving the use of several limited liability companies to obtain loans that court documents show were used as operating capital for his companies.
The same documents show that some of the loans pledged properties as collateral, but many were unsecured or secured using a separate investment or equities account.
“At this point, we welcome a comprehensive investigation and review of this issue,” Baier said.
Kelly Lammers, the director of the Nebraska Department of Banking and Finance, said his agency was investigating but offered no further information. At this time, he said, “it’s simply something we are reviewing.”
Both Lammers and Baier said that Nebraska banks remain financially strong. Baier said they should be able to weather any potential financial losses. But one…
