Charges flying in South Dakota

First we have Daktronics taking hits for some allegations:

Daktronics faces a pair of federal lawsuits by investors who claim the Brookings-based firm misled them about its business, thus violating federal securities laws.

The lawsuits were filed Nov. 7 and 14 in U.S. District Court in South Dakota. Both lawsuits seek class-action status, which would allow more investors to join in the legal actions.

Defendants James Morgan, Daktronics president and chief executive officer, and William Retterath, treasurer and chief financial officer, are accused of disseminating false and misleading statements and/or concealing negative financial information, according to one lawsuit in which stockholder Edward Chambers is a plaintiff. Daktronics manufactures digital scoreboards and electronic display billboards.

And then there is this regarding Dan Nelson:

Sioux Falls businessman Dan Nelson, who operated car dealerships in Iowa and South Dakota, has been indicted on federal charges accusing him of bank fraud.

He and business partner Chris Tapken are named as defendants in a 28-count indictment, unsealed this week in U.S. District Court for the southern district of Iowa, which says the men defrauded dozens of banks and caused an estimated $21 million in losses.

"I am innocent and will be proven so," Nelson said in an e-mail late Thursday, adding that he's a victim of mistruths.

The government's accusations, Nelson said, "will be proven false."

Nelson and Tapken are charged with one count of conspiracy to commit bank fraud, 11 counts of bank fraud, 13 counts of wire fraud and three counts of mail fraud.

Todd Epp celebrates:

You read it here first—Dan Nelson and Chris Tapken were indeed indicted in the Southern District of Iowa Federal Court today.

Sorry Todd, I read about it first via the same email you got. Epp goes on to say this:

No comment so far on the indictments from Dan’s good friend Sen. John Thune, who served on the MetaBank board of directors during his time in the wilderness between his House and Senate gigs.

So why wouldn’t Todd Epp be consistent with his position that Hildebrand was a victim of Chad Schuldt? The allegations are from the bank in which Thune was a board member. Or was Schuldt not a friend of Hildebrand? And is Todd Epp going to join those who want to blame Obama for his friend Bill Ayers’ action? Epp continues his partisan hackery:

My initial take? They were doing in the car business to sub-prime consumers what the housing lenders were doing to sub-prime consumers, only worse.

So much greed during the Bush Administration. It’s money for Republicans and sex for Democrats.

What? "Sub-prime consumers" are not responsible for taking out loans they can’t pay back? And that is not greed? If the allegations against Dan Nelson hold true, then there is a need for accountability. But to blame this on President Bush and Senator John Thune just because they are Republicans, is hardly an intellectually honest position.

Comments

[ErinTheOriginal]

Steve, the 'editorial' comments from Todd offended me too. There is no cause for celebration or a happy dance with the announcement of these indictments. The actions of DNAG & Metabank are the issue, not John Thune! I am tired of those who seek to politicize everything. For those keeping track at home, do you know how much money Rahm Emmanuel cleared from Freddie Mac and Fannie Mae??