My business colleagues at ajc.com have a shocker:
Federal banking regulators announced on Tuesday a lawsuit against eight former insiders of a failed Alpharetta bank – one of them a state senator who was just named chairman of the Senate Banking Committee.
State Sen. Jack S. Murphy, R-Cumming, is among the former Integrity Bank executives or directors accused by FDICl regulators of gross negligence and various breaches of fiduciary duty related to a series of loans made from 2005 to 2007. The FDIC seeks damages of “over $70 million.”
Former state senator Clint Day was also named in the suit. See 77 pages of documents.
- By Jim Galloway, Political Insider