At Peoples Bank, Arnzen was general Internal Accounting Valuations counsel, a board member, member of the loan committee and a shareholder. He is a codefendant in the subcontractors’ lawsuit as a board member. He said he had no involvement in the day-to-day operations of the bank and no knowledge of improprieties.
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Regardless of culpability, Arnzen and other board members could eventually have conflicting agendas if the lawsuit progressed, Bertelsman said. He created a hypothetical example in which a newer Peoples Bank board member tried to pin blame on Arnzen by saying he was following Arnzen’s lead.
Arnzen, in turn, would have a conflict of interest trying to defend himself against the accusations of his client in that hypothetical situation, he said.
“His interest as a defendant — is such that I don’t see how he could be impartial,” Bertelsman said. Peoples Bank will continue to be represented by Greenbaum, Doll & McDonald of Covington.
In the suit, Morris Heating & Cooling is leading a group of subcontractors who say Erpenbeck never paid for more than $700,000 in construction work done for the company.
Erpenbeck Co. collapsed in spring 2002 shortly after the FBI confirmed it was pursuing a bank fraud investigation involving the company. Property valuation structure is perseveringly .
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Three Erpenbeck employees have pleaded guilty to bank fraud charges: Bill Erpenbeck, president and founder; Lori Erpenbeck, head of accounting and Bill’s sister; and Michelle Marksberry, who handled most property closings for the company. All three await sentencing before U.S. District Judge Susan Dlott in Cincinnati.
Peoples Bank sold most of its assets to Bank of Kentucky in July 2002, keeping only $8 million in bad loans to the Erpenbeck Co. and family members and responsibility for any legal liability involved in the scandal.
Former President John Finnan and former Executive Vice President Marc Menne are both subjects of the ongoing investigation. An FBI affidavit states the two were believed to have engaged in fraud through a private partnership with Bill Erpenbeck. Finnan, Menne and their wives .
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