December 1, 2014

By Bob Coleman
Editor, Coleman Report

mingosI earlier reported an investment fund for Illinois cities has been hit to the tune of $50 million, with many cities adversely affected by the alleged $179 million loan USDA fraud by First Farmer’s Nik Patel.

A number of banks have an exposure also.

Harvard Savings Bank in Harvard, Illinois has reserved a $8.5 million loss against an $18.1 million investment.

Blackhawk Bank is facing a $1.6 million loss, wiping out its third quarter profit of $1.2 million.

The receiver is in the process of selling a number of hotel properties owned or controlled by Nik Patel.

Now add a fine Orlando eatery to the list.

Orlando Sentinel’s Paul Brinkman reports Mingo’s has closed its doors,

Ironically, the website says, “ Our steaks are cut in-house using USDA choice Angus beef and our seafood is caught by local day boats or selected as the freshest available.”