Excerpts from BBAN's complaint against Harris et al. The facts of the suit were never determined one way or the other as either true or false by any judge or jury, so this is only BBAN's accusation.
11. Subsequent to the execution of the agreement, Harris and Stanley represented to BBAN that the line of credit was successfully in place and the first advance of $20 million would be available as soon as the BBAN shares were issued and Harris Stanely and Walsh were appointed to the board of directors. Relying on the representations a group of BBAN's directors, without notice to all directors, purported to appoint Harris Stanley and Walsh as board members and issued the BBAN shares to EHLLC. Although such appointment was legally ineffective, Harris Stanley and Walsh commenced to hold themselves out as members of the BBAN board of directors.
2. The Representations were false. In truth, the Bond, underwritten by insolvent companies based in the Phillipines, was worthless. Moreover, Defendents assigned the bond to at least two other individuals in schemes to defraud those individuals of money and/or other assets.
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