Tuesday, August 06, 2013

What is Rodney Barreto Up To? By Geniusofdespair

The South Florida Business Journal reported in May: "Several lawsuits on behalf of minority shareholders allege that current and former directors of U.S. Century Bank mismanaged the bank and allowed excessive insider transactions that depleted its capital. They argue that the insider transactions contributed to the losses at the bank. The former directors and the bank are disputing the lawsuit, which is in mediation." Looks like it is not in mediation anymore - back to a lawsuit as of July 19th. There is a notice of hearing on motions 8/13/2013. On the docket, 7/3/2013 they called this a class action complaint.

According to the Business Journal:
The Doral-based bank paid $3.44 million in insider transactions in 2012, according to its annual financial statement distributed to shareholders. Most of that was for leases at branches and offices owned by former directors Sergio Pino, Armando Guerra and Agustin Herran. Of the $5.78 million the bank spent on leases in 2012, about 54 percent went to companies controlled by former directors.
Guerra and Rodney Barreto, who led the failed effort to bring the Super Bowl to South Florida, had a combined $42.6 million in loans with the bank. Of that $21.5 million was impaired and had an associated loan loss reserve of $1.2 million set aside.


Anonymous said...

There have been some updated articles this. Just do a search for any of the parties by bank or director names or purchaser names.


I know you don't really like these links. In this case, there's so much more between Gimlete's previous posts and the Journal about these people.

This bank, it's directors old & new, should be in jail as far as I'm concerned.

Jorge Perez & Steve Ross are part of a group trying to by the bank. They obviously don't want to pay the US Taxpayers Bank the TARP funds which this Florida Bank got the biggest share of that pie in addition to destroying the most amount of productive Ag land or Wetlands which serve as flood production.

Scum bags, all of them.

Geniusofdespair said...

Thanks reader.

You May Not Like Me, But I've Never Been Indicted said...

Breaking News!!! EOM darling Michael Pizzi arrested for bribery of the Sweetwater Mayor, who was also arrested! I expect full coverage tomorrow.