Todd Chrisley Bankruptcy: Reality Star's Mother-in-Law Involved in Bank Lawsuit After Giving Family $10 Million Loan? [VIDEO]
There are very few of Todd Chrisley's family members who aren't being pulled into his bankruptcy ordeal.
Bankruptcy Court to Ask for Chrisley Knows Best Contract?
After reports circulated that Todd and his family as well as his mother, Grandma Faye, could all lose their homes, new speculation says that his mother-in-law is now involved.
Julie Chrisley's mom, Pam Hughes, was once the Vice President of Operations at Atlanta's Integrity Bank, which authorities investigated after it gave her son-in-law's family a loan for a whopping $10 million back on Oct. 18, 2006. The FDIC went as far as filing a lawsuit against the bank's Board of Directors for "gross negligence" when it came to approving loans. One of the loans listed was none other than the Chrisley's.
Julie Accused of Hiding Assets in Bankruptcy Case?
In court documents obtained by Radar Online in an article published Wednesday, Todd was one of "a small number of preferred individual borrowers" that were approved for loans "that exceeded loan policy and Georgia statutory lending limits."
To make matters worse, the documents reveal that the bank was alerted about going above their limits but went ahead and approved the loans anyway.
"State and federal regulators repeatedly warned the [bank] of the increasing risk associated" when it came to the "lax oversight and control of the lending. The Defendants had actual notice of these risks and a growing awareness of adverse changes in the real estate market, but made little or no effort" to stop.
It went on to say that it caused them $70 million.
So far, the Chrisleys have only paid $6,532 back on the loan.
