LUBBOCK, Texas — Last week the bankruptcy estate of Reagor Dykes filed a complaint against AimBank
The civil cover sheet of the complaint said it is for “$9,800,000 plus attorneys’ fees, expenses, costs, prejudgment and post-judgment interest.”
The complaint said among other things that AimBank had tracking software that would have given warning of check kiting – which is a form of bank fraud. The complaint said there were other warning signs that former Chief Financial Officer Shane Smith engaged in check kiting.
“AimBank not only knew that Smith was using the trust account to kite funds, but it actually facilitated the kite by continuing to permit its use for this purpose up until the time of the bankruptcy,” the complaint said.
The complaint said AimBank stopped helping Smith in May 2018. Reagor Dykes filed for bankruptcy in August 2018.
The gist of the complaint is that AimBank participated in the fraud and therefore is responsible. AimBank has until September 2 to file its side of the story in court records.
Smith took a plea deal in federal court for conspiracy to commit wire fraud. He has not yet been sentenced.