LINCOLN — An Iowa bank, one of the many victims in a purported bank fraud case, is asking for an emergency court hearing and the appointment of a special investigator to determine whether the estate of a Lincoln businessman has sufficient funds to pay back at least $44 million in loans.
Midstates Bank of Council Bluffs, in a court filings Friday, said that Aaron Marshbanks owes it $2.4 million for loans made in March of this year to purchase and rehabilitation homes.
The bank maintains that Marshbanks and his financial adviser, Jesse Hill, fabricated assurances that an investment account held $6 million to $7 million as security for the loans made to a Marshbanks entity, Big Bear Capital LLC.
“In fact, the investment account does not exist, and Midstates likely has no collateral securing its loan to Big Bear,” a lawsuit, filed Friday, stated.
More than 20 Nebraska and Iowa banks, savings and loans and credit unions have filed claims, now totaling $44 million, against the estate of Marshbanks since he was found dead Nov. 2 in a downtown Lincoln parking garage.
On Monday, two more financial institutions filed claims against Marshbanks’ estate. One of them, Charter West Bank of Omaha, claimed that loans of $2 million granted to Marshbanks beginning in October 2021 were obtained fraudulently by claiming, falsely, that an investment account...
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