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SD Supreme Court Upholds Jury’s Fraud Findings Against Bank

Associated Press0

PIERRE, S.D. (AP) — The South Dakota Supreme Court has upheld a jury’s fraud findings against a bank that struck down more than $400,000 of an elderly couple’s mortgage debt.

The high court in a ruling released Thursday also reinstated ,000 in damages.
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Lee Schoenbeck is an attorney for plaintiffs Stanley and Rose Marie Stabler. He says it’s unusual for bankers to actively defraud consumers and says he’s notified state and federal regulators.

The opinion says the case centered on a 2004 transaction related to $650,000 in debt that John Beyers, president of First State Bank of Roscoe, got the Stablers to approve as part of “an elaborate scheme to defraud” them.

A jury found $439,100 of that debt was procured by fraud.

An attorney for Beyers didn’t immediately return a message requesting comment.

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