Ark. banker, businessman denies wrongdoing - KATV - Breaking News, Weather and Razorback Sports

Ark. banker, businessman denies wrongdoing

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© Log Cabin Democrat © Log Cabin Democrat

CONWAY (AP) - The president and CEO of HomeBank of Arkansas who also owns Mountain Pure Water denies allegations in a federal indictment that he fraudulently received a federal loan following a May 2008 tornado.

John Stacks of Damascus said in a statement to the Log Cabin Democrat that the Dec. 4 indictment charging him with wire fraud, money laundering, submitting a false claim and making a false statement is without merit.

The Indictment says Stacks obtained a Small Business Administration loan in 2009 for $703,300 after falsely claiming he had over $500,000 worth of Mountain Pure Water equipment at his farm in Damascus destroyed when a tornado touched down in the area in May 2008.

Stacks' statement said allegations that he unfairly profited could not "be further from the truth."

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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