Man says bank improperly moved funds

By Annie Cosby | Sep 18, 2014

POINT PLEASANT – A Mason County man is suing over claims his bank improperly moved funds.

POINT PLEASANT – A Mason County man is suing over claims his bank improperly moved funds.

James Todd Bowen filed a lawsuit Aug. 13 in Mason Circuit Court against the Farmers Bank and Savings Company, citing breach of contract.

According to the complaint, Bowen was a member of RAM Entertainment, which had loans with Farmers Bank, and signed documentation making himself personally liable for the loans. Bowen says he also had a personal account and other business with Farmers when, in September 2013, the RAM Entertainment loans were delinquent.

The complaint states Bowen deposited $185,000 into his account on Sept. 6, 2013, in order to make a payment to close a business deal unrelated to RAM Entertainment, which a Farmers employee was aware of, and Bowen wrote a check to S&C Holdings Inc. later that day for $150,000.

According to the lawsuit, the funds were properly transferred that day but, on Sept. 10, 2013, S&C Holdings wrote a check from their account and found on Sept. 11, 2013, that Farmers Bank reversed the transfer from Bowen, causing S&C's account to become delinquent.

Bowen says Farmers Bank then confiscated his original deposit and used part of it to cover RAM Entertainment expenses. According to Bowen, the bank then realized its actions were improper and agreed to return $137,000. Bowen says he was able to maintain his purchase from S&C Holdings but was forced to borrow $48,000 from another source to do so and lost other business opportunities.

Farmers Bank is accused of breach of contract, conversion, fraud, tortious interference with business relations, uniform commercial code claims, negligence, negligent and/or intentional infliction of emotional distress and violation of procedural law.

Bowen seeks damages and attorney fees. He is represented by attorney Kevin W. Hughart of Hughart Law Firm in Sissonville. The case has been assigned to Circuit Judge David W. Nibert.

Mason Circuit Court case number 14-C-141

More News

The Record Network