Lawsuit Alleges Unauthorized Trading

By: Associated Press Email
By: Associated Press Email

Duane and Carolyn Jacobs say in their lawsuit that two bank officials lured them and other customers toward a brokerage that the officials had ties to, then made unauthorized transfers from the Jacobs' bank account for futures trades above what the couple had requested.

The Jacobses say they lost $3.3 million and faced foreclosure from the Federal Deposit Insurance Corp., which took over the bank.

The lawsuit names the former bank officials, brokerage PT Holdings Inc. and its owner, and the FDIC. In related court filings, the former officials and PT Holdings deny wrongdoing.

An FDIC attorney declined comment.

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