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Fraud Friday Part II — Newtek Stock Down 10%, Says FBI Executed Search Warrant on Banc-serv

October 13, 2017

By Bob Coleman
Editor, Fraud Friday

Fraud Friday Part II — Newtek Stock Down 10%, Says FBI Executed Search Warrant on Banc-serv

Newtek, said today its subsidiary, banc-serv, was served with a search warrant by the FBI in Westfield, Indiana.

“Newtek closed on its $5.4 million investment in banc-serv in June 2016. Newtek is monitoring the situation and is cooperating fully with the authorities. Banc-serv will be open for business today.”

Newtek’s stock is getting hammered, down over 10% at 11:30 am Eastern.

Read our earlier reporting here

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