Suit claims BB&T hid real estate scheme
December 7, 2007
A fired worker’s complaint is the 2nd in a month claiming banks took part in fraudulent loans in Mitchell County. A former corporate investigator for BB&T filed suit Thursday against North Carolina’s third-largest bank, saying the company fired her in June for refusing to participate in the coverup of a $20 million loan fraud.Amy Stroupe, a sheriff’s detective before she was hired by BB&T in 2005, said the loans were made as part of a failed real estate development in western North Carolina. The development, the Village of Penland, collapsed in May with investors owing banks an estimated $120 million.
The banks involved in the development said they were duped, but Stroupe claims BB&T participated in the fraud by lending money for lots that were clearly overvalued. She said more than 120 BB&T loans used the same appraiser and lawyer and a picture of what appeared to be the same mountain lot. She alleges that she was fired, in part, for contacting the Federal Bureau of Investigation and insisting that all details be turned over to them. Stroupe said she knew her investigation had upset some supervisors but that she was still shocked by their reaction. “I was floored,” she said. “I guess I thought if I was doing something wrong I would have received a written warning or something.” BB&T spokeswoman A.C. McGraw said the bank has not seen the suit, which was filed in Cleveland County Superior Court, and could not comment on it. The BB&T office involved in the complaint is in Cleveland County. Stroupe’s complaint is the second lawsuit filed in the past month claiming banks were involved in fraudulent loans involving the Mitchell County development. Read Full Article here>>
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