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Mississippi bank: Avenatti repaid loans in criminal case

Michael Avenatti | Photo: MGN Online

A small Mississippi bank says it didn't lose money on loans made to Michael Avenatti.

Posted: Mar 26, 2019 11:30 AM

BILOXI, Miss. (AP) — A small Mississippi bank says it didn't lose money on loans made to Michael Avenatti.

The lawyer, best known for representing porn actress Stormy Daniels, was arrested Monday on charges that he embezzled from a client and tried to extort millions from Nike.

In a separate Los Angeles case, Avenatti is charged with bank fraud and wire fraud. An IRS agent alleges Avenatti submitted fake income tax returns to The Peoples Bank of Biloxi, receiving three loans totaling $4.1 million to himself and his law firm. The agent says Avenatti claimed he earned millions and paid millions in taxes when he hadn't submitted tax returns or paid taxes.

Peoples Bank Chairman and CEO Chevis Swetman says the loans were repaid. He didn't say how Avenatti came to borrow from Peoples.

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