Tags: fdic | tarkanian | assets | judgment

FDIC Moves Against Nev. GOP Candidate

Thursday, 11 Oct 2012 11:18 AM

By Sandy Fitzgerald

The Federal Deposit Insurance Corp. is moving to seize Nevada assets from Republican congressional candidate Danny Tarkanian and his family to satisfy a $17 million judgment.
According to the Las Vegas Sun, Tarkanian missed an Oct. 8 deadline for filing an objection to stop the FDIC action against his property. The agency viewed the missed deadline as a forfeiture of rights, paving the way for the agency to begin seizing the property before the next scheduled court hearing on Oct. 22.
Tarkanian is running against Democrat and former Nevada Senate Majority Leader Steven Horsford in Nevada’s newly-created 4th Congressional District. Horsford, according to the Sun, has declined to comment on his rival's FDIC issue. But that could change tonight when the two are scheduled to face off in a debate.
A federal judge ruled earlier this year that Tarkanian, his parents, and his siblings would have to pay the FDIC $17 million for a bank loan they received to help develop an equestrian resort in California. The deal bankrupted the original developer, leaving the Tarkanians holding the bill. The bank that issued the loan is now under federal receivership.
Tarkanian maintains that he and his family were swindled by the developer and the bank, the Sun noted.
Tarkanian has declined to comment on the court ruling, but his attorney has said in the past that a judgment against him could force his family into bankruptcy as the election approaches.

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