Vista Bank CEO had luxury vehicle ‘side deal’ with RDAG
LUBBOCK, Texas (KCBD) – documents filed Wednesday because of the court appointed counsel that is special Debtors describe a ‘side deal’ between RDAG CFO Shane Smith and Vista Bank CEO John Steinmetz that supplied Steinmetz with steeply discounted leases for luxury cars. While this ended up being taking place, court papers state Vista Bank ended up being alert to RDAG check-kiting schemes.
“The two worked together, each profiting from the other’s misconduct, ” in line with the papers filed by Andrew Seger, the court appointed unique council. “Vista Bank President, John D. Steinmetz, personally enriched himself through kick-backs (in the shape of approximately $150,000 in subsidized luxury vehicle leases for their individual usage, funded by Debtors), while in addition he and Vista Bank at large benefited through the huge bank costs it obtained plus the prestige of getting a ‘top shelf’ consumer while pursuing a growth-at-any-cost strategy. Continue reading