The United States is suing the estate and trusts of a deceased Arkansas bank executive in a multimillion dollar federal fraud case.
The Department of Justice on Wednesday announced the lawsuit against the estate of Layton Stuart, former owner and president of Little Rock-based One Financial Corporation and its subsidiary, One Bank & Trust N.A.
Authorities say Stuart lied to the U.S. Department of the Treasury, which invested $17.3 million of Troubled Asset Relief Program funds in the corporation. They say he lied about financial condition of One Bank and diverted more than $2 million of the funds into personal accounts for his own use.
Stuart died in March 2013 after federal regulators forced him out of his position at the bank.
