FDIC puts whammy on Adam Teague/Appalachian Bank

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Foreclosure Kings

Dawsonville, GA

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#1
Oct 1, 2011
 

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The Federal Deposit Insurance Corporation ("FDIC") has determined that: ADAM M. TEAGUE ("Respondent"), as an institution-affiliated party of Appalachian Community Bank, Ellijay, Georgia (In Receivership)("Bank" ), has directly or indirectly participated or engaged in unsafe or unsound banking practices and/or acts, omissions or practices which constitute breaches of his fiduciary duty as an officer of the Bank; that as a result of such conduct, the interests of the Bank’s depositors have been prejudiced or could be prejudiced and/or that the Respondent has received financial gain or other benefit by reason of such practices and/or breaches of fiduciary duty; such practices and/or breaches of fiduciary duty demonstrate the Respondent's personal dishonesty and/or his willful or continuing disregard for the safety or soundness of the Bank; and

www.fdic.gov/bank/individual/enforcement/2011...
Foreclosure Kings

Dawsonville, GA

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Oct 1, 2011
 

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As set forth herein, in accordance with a pattern and practice contrary to his fiduciary duty to the Bank and industry practice, Respondent used his position with the Bank to misappropriate more than $10 million in Bank funds and transfer them to his related interest. His related interest used those funds to purchase properties that a Bank customer intended to purchase. His related interest immediately resold those properties to the Bank customer at a substantially higher price, resulting in personal gain to Respondent of $1,324,220.
Quincy

Dawsonville, GA

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#3
Oct 1, 2011
 
Foreclosure Kings wrote:
As set forth herein, in accordance with a pattern and practice contrary to his fiduciary duty to the Bank and industry practice, Respondent used his position with the Bank to misappropriate more than $10 million in Bank funds and transfer them to his related interest. His related interest used those funds to purchase properties that a Bank customer intended to purchase. His related interest immediately resold those properties to the Bank customer at a substantially higher price, resulting in personal gain to Respondent of $1,324,220.
That is dirty .
Scoundrels

Dawsonville, GA

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Oct 1, 2011
 

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This was a civil suit, not a criminal case. I'm not a lawyer, I guess the FDIC could turn it over to a prosecutor for criminal charges, if warranted.

Maybe there is more to come. Maybe the FDIC just wanted to go ahead and get the money back quickly, before it's gone.
Scoundrels

Dawsonville, GA

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Oct 1, 2011
 

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I wonder if the FDIC is going to try to get these loans back too, like they originally set out to do?

http://www.bizjournals.com/atlanta/stories/20 ...

EXCERPT FROM ABOVE LINK:

On Oct. 5, 2010 the Federal Deposit Insurance Corp. issued a post-mortem on the failure of Appalachian Community Bank, which was reported on Atlanta Business Chronicle’s website.

The same day, the FDIC went to court to try to recover nearly a million dollars loaned out by Appalachian.

In complaints filed in U.S. District Court in Gainesville, the FDIC is seeking to recover $476,190 loaned to Maloan Investments LLC and Adam Teague of Ellijay, and $450,000 to MT Construction and Development LLC and David Teague, also of Ellijay.
Truthfully

Cleveland, GA

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#8
Oct 1, 2011
 

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The M0untains V0ice wrote:
Pathetic!
Top of page 3: "...resulting in personal gain to Respondent of $1,324,220."
Bottom of page 8: "...a penalty of $1,324,220 be, and hereby is, assessed against Respondent, Adam M. Teague..."
MY RESPONSES: I was all over this investigation and brought to the attention of, researched for, and turned over to the FBI / FDIC a boatload of documents and research material. So having quite a bit of knowledge about this case, here are my thoughts...
1) They basically are just asking him give back the money. Hell, the fellow might as well be a crooked tax employee in Union County. Do the Crime. Get caught. Pay back what you stole. Slap on the wrist and a firm "BAAAAD!" and it's over.
2) I personally turned over a lot more info than they've got in this one case, so as far as I can tell, this one single thing they went after, while pretty big, is still just a fraction of what I saw.
3) As far as I know he's still a free man walking the streets - NO SIGNAL OF ACCOUNTABILITY SENT WHATSOEVER TO OTHERS IN THE BANKING COMMUNITY! The message here seems to be:
"Do the Crime - and No Jail Time!"
4) Beamon, Newton, and sundry APAB Directors & Board Members are still walking the streets and I haven't heard a peep about anything serious yet heading their way.
5) The Gilmer District Attorney still refuses to follow up on well documented and open & shut criminal charges I filed in related bank fraud cases.
6) I am glad something got done - but this is a drop in the bucket, and the FBI / FDIC team running the show on this still reminds me of the Keystone Cops - a bunch of bungling buffoons.
In conclusion, it has taken 2 years to finally get to a point that they've issued a really scary "Order" saying Adam has to pay back what he stole. Heck, there isn't even an "Or Else" in there. I'll end like I started....
Pathetic.
Your our hero! Do you have a white hat and white horse? And your cowboy suit, is it white or stripped?

Since: Mar 11

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#9
Oct 1, 2011
 

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Truthfully wrote:
<quoted text>
Your our hero! Do you have a white hat and white horse? And your cowboy suit, is it white or stripped?
Well Tonto he rides a white horse wears a gray suit and a mask with a white hat. You ride an ass have a feather up your behind and and are always saying huh.

Since: Mar 11

Dawsonville, GA

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#10
Oct 2, 2011
 

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Interesting. Some of the fellows I worked with from Appalachian Bank investigation started emailing me last night after this news came out.

One of them was up to his eyeballs in a legal fight with the banks over forged documents. As in they forged his name on documents that helped steal his property. He tells me that this involved United Community Bank (UCBI) also, and that the IRS is now involved with the investigation, and that the angle they are running on is "Identity Theft".

I think if everyone knew just how many investigations or accusations of misbehaviour are going on at any one time with these banks you would be shocked.

BUT YOU NEVER HEAR ABOUT IT! Doesn't mean it isn't happening. Just means no media is covering it.

Since: Mar 11

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#11
Oct 2, 2011
 

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The Mountain Storehouse wrote:
Interesting. Some of the fellows I worked with from Appalachian Bank investigation started emailing me last night after this news came out.
One of them was up to his eyeballs in a legal fight with the banks over forged documents. As in they forged his name on documents that helped steal his property. He tells me that this involved United Community Bank (UCBI) also, and that the IRS is now involved with the investigation, and that the angle they are running on is "Identity Theft".
I think if everyone knew just how many investigations or accusations of misbehaviour are going on at any one time with these banks you would be shocked.
BUT YOU NEVER HEAR ABOUT IT! Doesn't mean it isn't happening. Just means no media is covering it.
Please keep us informed if you get any info. United has distroyed Union Couty and their needs to be a day of reckoning.

Since: Feb 11

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Oct 2, 2011
 

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United Community has destroyed Union County? What kind of twisted logic is going on in your head that would bring you to that kind of conclusion? I always knew you were mentally challenged and maybe bullied in high school, but you really take the cake today. No more tomato plants for you!
tinyurl.com/PrayF0rMe
my two senses

Cornelia, GA

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#14
Oct 2, 2011
 

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The M0untains V0ice wrote:
BTW.... just one local example of something still not investigated:
I believe 'Highest Land in Georgia, LLC' was granted a $7 Million Loan on 10/28/2005.
Adam Teague removes himself from the company as a member/manager 3 weeks after the loan is obtained, leaving William E. Teague, and David W. Teague still as member/managers.
Heck, that is almost as suspicious as Head, Nelson & Tallent loaning their property to a 3rd party as collateral so that the 3rd Party could obtain a loan from the 3 men's bank, so that the 3rd party could then use the loan money to actually buy the property they were already loaned by Head, Nelson & Tallent, so that Head, Nelson & Tallent could realize a HUGE Profit!
Well, at least we now have a precedent! Be forewarned all you white collar criminal... You go steal millions of dollars through fraud and corruption,and by golly, we'll make you pay it back!
Disclaimer: Note to all working class stiffs. You will still be stripped of your freedoms, lose everything, get incarcerated for years, and be publicly ridiculed if you steal a loaf of bread to feed your family. The precedents do not apply to you poor saps.
I imagine the $1,000,000+ deal that FDIC talks about involved someone well-connected to someone in the FDIC for them to single out that particular case.
Interjection

Dawsonville, GA

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#15
Oct 2, 2011
 

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Funny how they used "bullied in high school" as an insult.Pretty much that one line can sum up why you phony ACzeroG will never get it. You are so think no logic will ever get to you.As long as you get paid you could care less about the next man.

You time,and the time of the people like you is over.It is time for you to change or go the way of the dinosaur.
Interjection

Dawsonville, GA

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#16
Oct 2, 2011
 

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ROFL oh and thank for the genetically modified tomato plants..All but worthless.

Since: Mar 11

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Oct 2, 2011
 

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AC0G wrote:
United Community has destroyed Union County? What kind of twisted logic is going on in your head that would bring you to that kind of conclusion? I always knew you were mentally challenged and maybe bullied in high school, but you really take the cake today. No more tomato plants for you!
tinyurl.com/PrayF0rMe
That is a thought shared by many in Union County. Why don't you go to the aucion at the bank next weekend and buy up some of your neighbors property. You seem the type. Are it could be you are one of the crooks that helped get the property to sell off. Either way your argument is full of holes. I doubt that you think I was bullied in school. Do you really think I could be bullied. If so you are dumber than the chicken you protray.
Honey Hole

Dawsonville, GA

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#18
Oct 2, 2011
 

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The M0untains V0ice wrote:
BTW.... just one local example of something still not investigated:
I believe 'Highest Land in Georgia, LLC' was granted a $7 Million Loan on 10/28/2005.
Adam Teague removes himself from the company as a member/manager 3 weeks after the loan is obtained, leaving William E. Teague, and David W. Teague still as member/managers.
Apparently he liked loaning himself the banks money, he did this alot.....
"this is only one in a string of charges against the former vice president. The notice states that in 2007, while Teague was employed at Appalachian Community Bank in Ellijay, he was simultaneously 50 percent owner of a limited liability corporation called Soak Creek Preserve Partners ( SCPP). Appalachian made a seemingly indirect loan to SCPP of $ 8,038,500 for the purchase of 5043 acres of land in Tennessee. A series of transactions ensued, where the land was later sold significantly above market value. Teague reaped $ 1,324,220 from the deal."
FDIC

Dawsonville, GA

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#20
Oct 3, 2011
 

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Scoundrels wrote:
I wonder if the FDIC is going to try to get these loans back too, like they originally set out to do?
http://www.bizjournals.com/atlanta/stories/20 ...
EXCERPT FROM ABOVE LINK:
On Oct. 5, 2010 the Federal Deposit Insurance Corp. issued a post-mortem on the failure of Appalachian Community Bank, which was reported on Atlanta Business Chronicle’s website.
The same day, the FDIC went to court to try to recover nearly a million dollars loaned out by Appalachian.
In complaints filed in U.S. District Court in Gainesville, the FDIC is seeking to recover $476,190 loaned to Maloan Investments LLC and Adam Teague of Ellijay, and $450,000 to MT Construction and Development LLC and David Teague, also of Ellijay.
FDIC filed 2 suits today:
http://dockets.justia.com/browse/state-georgi...

Federal Deposit Insurance Corporation et al v. Maloan Investments, LLC et al
Filed: October 5, 2010 as 2:2010cv00204
Plaintiff: Federal Deposit Insurance Corporation 
Defendants: Adam Teague and Maloan Investments, LLC
Presiding Judge: William C. O'Kelley
Cause Of Action: Default of Promissory Note
Court: Eleventh Circuit > Georgia > Northern District Court
Type: Contract > Negotiable Instrument

Federal Deposit Insurance Corporation v. MT Construction and Development, LLC et al
Filed: October 5, 2010 as 2:2010cv00205
Plaintiff: Federal Deposit Insurance Corporation 
Defendants: David Teague and MT Construction and Development, LLC
Presiding Judge: William C. O'Kelley
Cause Of Action: Default of Promissory Note
Court: Eleventh Circuit > Georgia > Northern District Court
Type: Contract > Negotiable Instrument
Truthfully

Cleveland, GA

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#22
Oct 4, 2011
 

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The Mountain Storehouse wrote:
Interesting. Some of the fellows I worked with from Appalachian Bank investigation started emailing me last night after this news came out.
One of them was up to his eyeballs in a legal fight with the banks over forged documents. As in they forged his name on documents that helped steal his property. He tells me that this involved United Community Bank (UCBI) also, and that the IRS is now involved with the investigation, and that the angle they are running on is "Identity Theft".
I think if everyone knew just how many investigations or accusations of misbehaviour are going on at any one time with these banks you would be shocked.
BUT YOU NEVER HEAR ABOUT IT! Doesn't mean it isn't happening. Just means no media is covering it.
This is amazing! With your knowledge and obvious ability to sniff out bank and political corruption, have you ever considered working as an investigator in some federal capacity?

Oh, excuse me, I forgot you are a FELON and cannot get a position! I am ready for your smart ass comeback.
The Noid

Jefferson, GA

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#23
Oct 4, 2011
 

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Truthfully wrote:
<quoted text>
This is amazing! With your knowledge and obvious ability to sniff out bank and political corruption, have you ever considered working as an investigator in some federal capacity?
Oh, excuse me, I forgot you are a FELON and cannot get a position! I am ready for your smart ass comeback.
Awww now, don't pick on ol' Davey, The Mountain told him to take down UCBI.

Since: Mar 11

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#24
Oct 4, 2011
 

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Truthfully wrote:
<quoted text>
This is amazing! With your knowledge and obvious ability to sniff out bank and political corruption, have you ever considered working as an investigator in some federal capacity?
Oh, excuse me, I forgot you are a FELON and cannot get a position! I am ready for your smart ass comeback.
No smart ass come back but since when can't a felon get a job. They do it all the time. What are they suppose to do just sit back and draw a ck. off the govt. for life. It that were true we would all be out trying to commit a felon. You folks have wore this kind of thin.
icantwait

Dawsonville, GA

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#25
Oct 4, 2011
 

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Truthfully wrote:
<quoted text>
This is amazing! With your knowledge and obvious ability to sniff out bank and political corruption, have you ever considered working as an investigator in some federal capacity?
Oh, excuse me, I forgot you are a FELON and cannot get a position! I am ready for your smart ass comeback.
Kinda doesn't need a come back when he is on the verge of winning..

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