Kansas Bank Accuses Indiana Auctioneer Of Loan Misdeeds

By Rachel Agler

Kansas Bank Accuses Indiana Auctioneer Of Loan Misdeeds

June 18, 2010 Updated Dec 18, 2009 at 10:35 AM EDT

AUBURN, Ind. (AP) - A Kansas bank has asked a judge to hold auto auctioneer Dean Kruse in contempt of court, alleging he violated terms of a loan on which he still owes $6.5 million.

Hillcrest Bank of Overland Park, Kan., says Kruse didn't own three historic Nazi command vehicles when he used them as collateral for the loan, which is now in default.

The lawsuit is scheduled for a hearing Monday in northeastern Indiana's DeKalb County.

It caps a trouble-filled year for Kruse and Kruse International that include seizure of Kruse's Cessna jet and the loss to foreclosure of a luxury home he owned in Arizona.

Hillcrest Bank's lawsuit was filed in August against Kruse, his wife, his auction company and several limited-liability companies he owns.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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