A Canadian-owned swine operation in South Dakota accused in a check-kiting scheme is filing a counterclaim against the bank that accused it of financial misconduct.
Sunterra is under investigation for an alleged check-kiting scheme that left the business millions in debt and unable to afford day-to-day operations. The scheme was brought to light by Compeer, Sunterra's financing bank.
A district court judge placed Sunterra’s pigs and daily operations in receivership.
The pigs were listed as Compeer’s collateral.
Sunterra is denying all criminal allegations and calls Compeer’s allegations “defamatory.”
Additionally, Sunterra is bringing Breach of Contract, Negligent Misrepresentation and Interference with Business Expectations counterclaims against Compeer.
Sunterra is also demanding a jury trial.
