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More than 60 former investors in the now-shuttered New Frontier Bank are seeking millions of dollars in damages from the bank’s former directors and managers, citing reckless lending practices, insider deals and other improper transactions.
The investors want to recoup more than $10 million in losses stemming from the Greeley bank’s mismanagement, according to a lawsuit in Weld County District Court.
Among the plaintiffs is Carroll Miller, a former director of the bank who was voted off the board in 2004 after questioning the bank’s practices.
“We are unable to comment other than to say that the allegations are false and we will address them in due course,” said Peter Koclanes, a Denver attorney representing the defendants.
