Arkansas Banker, Businessman Denies Wrongdoing
The president and CEO of HomeBank of Arkansas who also owns Mountain Pure Water denies allegations in a federal indictment that he fraudulently received a federal loan following a May 2008 tornado.
John Stacks of Damascus said in a statement to the Log Cabin Democrat that the Dec. 4 indictment charging him with wire fraud, money laundering, submitting a false claim and making a false statement is without merit.
The Indictment says Stacks obtained a Small Business Administration loan in 2009 for $703,300 after falsely claiming he had over $500,000 worth of Mountain Pure Water equipment at his farm in Damascus destroyed when a tornado touched down in the area in May 2008.
Stacks' statement said allegations that he unfairly profited could not "be further from the truth."