- Details
- By Brian Edwards
- Finance
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A federal judge has awarded $1.27 million to a Native community development financial institution (CDFI) in a fraud case tied to a failed tribal energy venture, finding that key representations used to secure a $1.5 million loan were false.
In a March 31 order following a bench trial, the U.S. District Court for the District of South Dakota, in an opinion by U.S. District Judge Karen E. Schreier, found that Highland Park Management LLC and its principal, L. Steven Haynes, made multiple misrepresentations to St. Paul, Minn.-based Indian Land Capital Company (ILCC) during 2016 loan negotiations.
ILCC provided bridge financing for a proposed propane distribution business, with repayment expected through a planned $22 million bond issuance. The court found that Haynes misrepresented that the bonds were fully subscribed,…
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