The Most Frequently Asked Questions about our case
This page provides comprehensive answers to common inquiries about the unjust accusations made by Adirondack Trust. Answers provide insights into the reasons behind, timelines, and individuals involved in the fraudulent allegations, addressing key questions to provide clarity and transparency regarding this ongoing situation.
The lawsuit has profoundly affected our lives in ways we encounter daily. To begin with, the bank accused me of fraudulently obtaining and misusing nearly two million dollars of taxpayer-backed funds. This led to public humiliation and put a target on our backs. Now, every tax-paying citizen we encounter has ample reason to question our integrity, honesty, or character. Beyond these personal struggles, the legal implications and risks imposed on our family are significant, involving agencies like the U.S. Department of Justice, the Office of the Inspector General, the FBI, the United States Trustees Office, and several others. The unexpected nature of this lawsuit has, unsurprisingly, disrupted every aspect of our personal lives.
I have yet to identify a legal justification for their actions. My family has been loyal customers of this bank for over two decades, maintaining not only everyday transactional accounts but also holding additional mortgages totaling around $2,000,000, aside from the PPP loans currently under litigation. Over the years, we have satisfied millions of dollars in commercial mortgages WITHOUT LITIGATION. Initially, I dismissed their behavior as reckless, assuming it was a significant oversight that someone would quickly correct. However, when no efforts were made to address these issues, I started to suspect there might be a racial discrimination element at play. Now, after finally reviewing thousands of pages of discovery documents, I believe that this situation stems from gross incompetence at the management level, coupled with a board that exists in title but fails to fulfill its responsibilities to govern the bank as mandated by the FDIC.
I wish someone at ATC had taken the time to consider the facts before launching an unannounced and aggressive action against my family and business. It’s important to remember that we were in the midst of a national pandemic at the time. I had to lay off nearly 500 employees, a reality they seemed to disregard, further affecting those employees and their families. I just wish they had approached the situation with more responsibility and integrity.
My goal was to reach a quiet resolution with the bank. My wife and I understand the importance of their role in our community, which we also call home. With a five-year-old son, every decision we make is guided by his well-being, so we believed that a discreet resolution with the Wait family would be best for everyone involved. Unfortunately, despite numerous efforts and significant time and money spent, we were unable to achieve this with the Chairman and President. Today, my goal remains the same: justice for my family, which requires Adirondack Trust Company to set aside its pride and take responsibility for the moral failings evident in their actions.
Based on my research, it appears that other business owners with PPP loans have not experienced this treatment. However, in the past four years, many others, including professional service providers and individual borrowers, have shared their own troubling experiences with the bank.