Bank of Saipan v. CNG Financial Corp.

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; and CNG, which received the loan proceeds as partial payment for the subsidiaries, which it had to reassume when the con-artist…