BANK OF SAIPAN v. CNG FINANCIAL CORP.

No. 03-11053.

380 F.3d 836 (2004)

The BANK OF SAIPAN; et al., Plaintiffs, The Bank of Saipan; Antonio S. Mua, Receiver, Plaintiffs-Appellants, v. CNG FINANCIAL CORP.; et al., Defendants, CNG Financial Corp., Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

August 6, 2004.


Attorney(s) appearing for the Case

Jonathan D. Pauerstein, Bryan Allen Lopez, Lee R. Sandoloski, Loeffler, Jonas & Tuggey, San Antonio, TX, Michael Wilfred Dotts (argued), Joseph Edward Horey, O'Connor, Berman, Dotts & Banes, Saipan, MP, for Plaintiffs-Appellants.

Barry D. Hunter (argued), Frost, Brown & Todd, Lexington, KY, for Defendant-Appellee.

Before JOLLY, DAVIS and JONES, Circuit Judges.


E. GRADY JOLLY, Circuit Judge:

The Bank of Saipan (the "Bank") sued CNG Financial Corp. ("CNG") for damages resulting from a complex fraud perpetrated by third parties against both entities. The facts of this case involve at least two fraudulent schemes involving con-artists who are now tucked away in jail. The facts more specifically relevant involve the victims of these schemes: the Bank, which loaned money to the con-artist to purchase the subsidiaries of CNG;...

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