Allum v. Valley Bank of Nevada

*1315OPINION

By the Court,

Shearing, J.:

Robert L. Allum was a loan officer for Valley Mortgage Company (“VMC”). He alleges that Valley Bank of Nevada (“Valley”) created VMC,

for the purpose of transferring funds from the regulated bank to the unsupervised exempted mortgage company to enable the Defendant, Valley Mortgage Company, to make loans to selected persons without adhering to the ordinary underwriting criteria, banking regulations and loan loss reserve requirements for loans made by the Defendant, Valley Bank of Nevada.

In early 1989, Allum claims to have discovered that a number of VMC loans…