Columbia Capital Corporation-Computerized Banking (CLCK) Message Board

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Microcap & Penny Stocks : Columbia Capital Corporation-Computerized Banking (CLCK)

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To: Jeffrey L. Henken who wrote (548)	10/31/1998 8:25:00 AM
From: Arcane Lore	Read Replies (5) of 1020

A Sun-Sentinel article on BestBank, Baetz, Gallant et al: The Federal Deposit Insurance Corp. has filed a civil complaint in the shutdown of a small Colorado bank that names the bank's two top officers as well as two Fort Lauderdale entrepreneurs whose companies ran its credit card program. ... The agency, which alleges fraud, conspiracy and racketeering under Colorado's Organized Crime Control Act, is seeking damages of more than $402 million, or three times the bank's alleged losses of more than $134 million. Triple damages are allowed under the act. Meanwhile, the Colorado Division of Banking and the FDIC continue an investigation which could lead to criminal charges, Colorado Bank Commissioner Richard Fulkerson said. The U.S. Attorney's Office would decide whether to file criminal charges. The two entrepreneurs, Douglas R. Baetz and Glenn M. Gallant, own or control three separate Fort Lauderdale businesses -- one publicly traded -- that marketed, processed and handled customer service for credit cards issued by BestBank. ... Columbia Capital was not named in the FDIC complaint. It is not clear from the article whether Baetz and/or Gallant are targets of the investigation which could lead to criminal charges. sun-sentinel.com A related article: FDIC targets BestBank execs denverpost.com

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