BELLEVILLE — A commercial bank is suing a car dealership for allegedly failing to transfer proceeds from the sales of collateral.
United Community Bank, doing business as Liberty Bank, filed a complaint on Nov. 2 in the St. Clair County Circuit Court against David Broussard and Premier Car Corporation, alleging fraud.
According to the complaint, the plaintiff alleges that on Dec. 11, 2015, Liberty Bank loaned the defendants the principal sum of $1,500,000 to allow them to purchase motor vehicle inventory for their daily operations. After all proper credits for payments, the amount of $533,300.83 remains unpaid.
The plaintiff alleges the defendants failed and refused to remit all proceeds from the sale of the vehicles secured as collateral by commingling funds from the proceeds and subsequently allowing titles of the vehicles to be encumbered.
The plaintiff requests a trial by jury and seeks judgment against the defendants in the amount of $533,300.83, plus attorney's fees of $1,000,000 and all other relief that is proper and just. He is represented by Andrew G. Toennies of Lashly & Baer PC in St. Louis.
St. Clair County Circuit Court case number 18-L-696