Odessa-based SouthWest Bank named as defendant in lawsuit over alleged $13 million Ponzi-style fraud scheme
SAN ANTONIO, Texas (KOSA) - Odessa-based SouthWest Bank is being sued by the Bank of San Antonio for allegedly aiding in a $13 million Ponzi-styled fraud scheme.
According to the San Antonio Express-News, the bank says it did business with a former employee of a subsidiary who encouraged it to buy worthless receivables from various businesses including SouthWest Bank.
Odessa City Councilman Dewey Bryant is the CEO of SouthWest.
In a statement to our media partners at the Odessa American, SouthWest said “The allegations made against our bank by the Plaintiff’s attorney in the San Antonio newspaper article are outrageous and we categorically deny them.”
You can find the full article on the lawsuit by the San Antonio Express-News here.
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