FORT SMITH, Ark. (AP) - Arkansas state Sen. Jake Files lost his family home and two other properties in foreclosure sales to satisfy a bank’s lawsuit against him and his wife for defaulting on $2.1 million in loans.
The Arkansas Democrat-Gazette reports First Western Bank of Booneville successfully bid $2,048,400 on the three properties in three separate sales Thursday at the Sebastian County courts building.
The FBI is also investigating Files for potential money laundering and wire fraud related to the disappearance of nearly $26,000 in state money he authorized for work on a sports complex he and others were developing. An affidavit calls Files’ bids “false and fraudulent.”
Files has represented Fort Smith, Arkansas since 2011. He has said that he’s been advised not to comment, but that he looks forward to vindicating himself.
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