8th Circ. Says Bankrupt Developer Purposely Duped Lender

Law360, New York (May 15, 2014, 5:31 PM EDT) -- An Eight Circuit bankruptcy panel on Thursday upheld a Minnesota bankruptcy court’s determination that a developer purposely misrepresented to a lender that he would be using a $500,000 loan to secure tenants for a property rather than to settle other debts.

The panel said that the bankruptcy court correctly determined that Robert L. Fields had misled Community Finance Group Inc., by telling the company he needed a loan to put money into his struggling properties when in reality he used the $500,000 to pay off his...
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