Saturday, August 24, 2002

Ex-People's exec selling his home


Menne family and lien moving

By Patrick Crowley, pcrowley@enquirer.com
The Cincinnati Enquirer

        VILLA HILLS — Former Peoples Bank executive Marc Menne, under federal investigation for his role in the Erpenbeck Co. scandal, has found a buyer for his $600,000 Northern Kentucky home.

        The sale is scheduled to close next week, said Covington defense lawyer Harry Hellings, who represents Mr. Menne. A former executive vice president over commercial lending at the bank, Mr. Menne, 46, was fired along with former president and CEO John Finnan in April for his dealings with embattled home builder Bill Erpenbeck.

Menne
Menne
        Mr. Hellings would not offer any details about the sale other than that a closing is scheduled next week. The home on Appleblossom Drive in Villa Hills, an upscale Kenton County suburb, had been listed with Sibcy Cline for $619,000.

        Mr. Hellings did confirm that Mr. Menne and his wife, Alice, and their three children are moving to another, smaller home in Villa Hills, but he would not say where. Neighbors have said the Mennes' new home is on Cedarbrook Drive in the Carpenter's Trace subdivision off Amsterdam Road.

        The federal government has placed a lien on Mr. Menne's home. Mr. Hellings said he understands that the lien will be released and placed on the Mennes' new home.

        “It's a substitution of collateral,” Mr. Hellings said Friday. “We're trading his old home for his new home on the lien. The deal has been worked out with the feds.”

[photo] Mark Menne's home, listed at $619,900, has been sold.
(Enquirer file photo)
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        Fred Alverson, spokesman for the U.S. attorney's office in Columbus, would not confirm the deal.

        “Mr. Finnan also recently sold his home on Legends Way in Crestview Hills for $650,000. There was also a federal lien on that property, but it was released after Mr. Finnan turned over 36,601 shares of Peoples Bank stock to U.S. marshals.

        Mr. Hellings also said, based on conversations he has had with federal prosecutors, that the government appears to be homing in on Mr. Menne's business dealings with Mr. Erpenbeck, who is also under federal investigation for allegations of bank fraud.

        Mr. Menne and Mr. Finnan operated a side business called Jams that bought model homes from the Erpenbeck Co. and then leased the homes back to the Edgewood home-building firm. Though the practice is not unusual in the development business, Peoples Bank board members fired the executives over concerns that their dealings posed a conflict of interest. Mr. Hellings also maintains that in financi

        in on Mr. Menne's business dealings with Mr. Erpenbeck, who is also under federal investigation for allegations of bank fraud.

        Mr. Menne and Mr. Finnan operated a side business called Jams that bought model homes from the Erpenbeck Co. and then leased the homes back to the Edgewood home-building firm. Though the practice is not unusual in the development business, Peoples Bank board members fired the executives over concerns that their dealings posed a conflict of interest. Mr. Hellings also maintains that in financial disclosure forms directors have to fill out each year, Mr. Menne and Mr. Finnan indicated the existence of Jams, thereby informing other directors.

       



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