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First Sound Bank
First Sound Bank Files Suit for Fraud in Connection With Puget Sound Leasing Sale
February 1st, 2009
First Sound Bank (OTC Bulletin Board: FSWA) announced that on January 14, 2009 it filed suit in federal court for fraud and breach of contract in connection with its March 1, 2008 purchase of certain assets from Puget Sound Leasing Co., Inc. The defendants to the suit are the sellers of the assets: Larasco, Inc. (the business formerly known as Puget Sound Leasing Co., Inc.) and its owners, Richard Secord and Louis Secord. First Sound Bank's complaint alleges that the defendants violated federal and state securities laws by misrepresenting the extent to which the leases they sold to First Sound Bank were delinquent, and by failing to disclose Puget Sound Leasing Co.,...
Source: Pharma Investments, Ventures & Law Weekly (2009-02-01)
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