Jury sides with bank over SC senator on bad loan
Sat, 09 Nov 2013 19:45:22 GMT —
CONWAY, S.C. (AP) - A South Carolina jury is siding with the bank that a state senator claimed defrauded him on a $3 million property loan.
The Sun News of Myrtle Beach reports the Horry County jury decided state Sen. Ray Cleary's failed to do his own checking before borrowing the defaulted loan.
The Murrells Inlet Republican was board chairman of the former Beach First National Bank. Federal regulators shut down the bank in 2010 and the Bank of North Carolina acquired its assets.
Cleary claimed Beach First defrauded him with a property appraisal that overstated the value of land which the senator backed personally.
A lawyer for Bank of North Carolina said Cleary was caught up in the real estate boom and blamed the bank when development plans fell through.