Bank Executives Accused Of Hiding Loan Default Information - Northern Michigan's News Leader

Bank Executives Accused Of Hiding Loan Default Information

Posted: Updated:

Several former Northwestern Bank Executives face charges for trying to hide loan default information.

Harry Calcutt III, William Green and Richard Jackson are all accused of what the FDIC calls unsound banking practices.

Calcutt was the bank's president and CEO, Green was a loan officer, and Jackson was the bank's executive vice president.

The FDIC says between 2009 and 2011, the former executives tried to hide loan defaults by the bank's largest borrower. To date, $27 million remains uncollected.

The lawsuit says Calcutt benefited from the dishonesty, and seeks to ban all three from future banking practices.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Man Dies in Alpena County Home Explosion

    Man Dies in Alpena County Home Explosion

    Friday, April 18 2014 11:55 PM EDT2014-04-19 03:55:35 GMT
    A 22 year old man from Hillman died Friday night after a large explosion at a home in Wellington Township. Michigan State Police say the man was loading a wood boiler into an attached garage when the
    A 22 year old man from Hillman died Friday night after a large explosion at a home in Wellington Township. Michigan State Police say the man was loading a wood boiler into an attached garage when the
  • Assessing Spring Storm Damage

    Assessing Spring Storm Damage

    Monday, April 14 2014 2:13 PM EDT2014-04-14 18:13:04 GMT
    Credit: Katy MarshlafiffCredit: Katy Marshlafiff
    Most of the heavy rain has ended, now people across Northern Michigan are beginning to assess the damage and start cleanup.   Mecosta and Osceola counties were hit the hardest.   You can see the weekend
    Most of the heavy rain has ended, now people across Northern Michigan are beginning to assess the damage and start cleanup.   Mecosta and Osceola counties were hit the hardest.   You can see the weekend
  • Amazing Northern Michigan Homes: Portage Lake

    Amazing Northern Michigan Homes: Portage Lake

    Thursday, April 17 2014 5:28 PM EDT2014-04-17 21:28:40 GMT
    This home was originally built for a lumber manufacturer and his family to use for the summer residence more than 100 years ago. Today, the home has been completely renovated and insulated, but still
    This home was originally built for a lumber manufacturer and his family to use for the summer residence more than 100 years ago. Today, the home has been completely renovated and insulated, but still