Bank of America, N.A. v. Prestige Imports, Inc.

Using a sophisticated and complex scheme, a. thief named Wajahat Malick stole hundreds of thousands of dollars from his employer, Prestige Imports, Inc. (Prestige), a Wey-mouth automobile dealership. Essentially, the scheme involved Malick’s manipulation of deposits Prestige intended to make to its accounts at South Shore Bank (SSB or the Bank). Discovery of the fraud produced a lengthy prison sentence for Malick and energized litigation between SSB, Prestige, Helmut Schmidt (Helmut), who owned Prestige, and his wife Renate Schmidt (Renate), both of whom had guaranteed SSB loans to Prestige.

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