Remember Debra Hoag?
She’s the Chicago insurance broker who helped arrange the $20 million life insurance policy for the late Layton “Scooter” Stuart, former owner and CEO of Little Rock’s One Bank & Trust.
Turns out, Hoag was a customer of One Bank, too.
We learned that recently when the bank sued her to recover $27,300 allegedly owed on a loan.
According to the complaint, the loan matured on Aug. 23 and dates back 11 years with an original amount of $300,000.
Documents indicate the loan principal increased to $500,000 in 2005 before dropping to $451,651 in 2007, $448,541 in 2010 and $242,710 in August 2011.
Two months earlier in 2011, Hoag became the trustee of the beneficiaries of that $20 million life insurance policy, the Stuart Family Trusts. She also helped arrange a $1.7 million policy loan from John Hancock that summer at the insistence of Scooter Stuart.
He wasn’t legally authorized to seek the loan and even managed to cash the loan check at One Bank although it was in the name of “Stuart Family Trust.”
That $1.7 million is the subject of a federal lawsuit against Hoag by Stuart’s heirs and the subject of an article in last week’s issue of Arkansas Business.