An investor in the former Delta Resort and Spa hotel in Desha County was one of three people charged in Federal Court in Louisiana with fraud allegations.
Gary Gibbs and two officials of the now defunct First NBC Bank “unjustly enriched themselves by disguising the true financial status of Gibbs, his entities, and other borrowers; concealing the true performance of loans and misrepresenting the nature of payment to Gibbs and his entities.”
According to the McGehee Dermott Times-News, Gibbs is accused of defrauding the bank of at least $1.23 million.
The newspaper reported that the U.S. Attorney’s Office for the Eastern District of Louisiana said Gibbs had real estate holdings including hotels, homes and other developments including the Delta Resort and Spa at Tillar. He was also the developer of the Hotel Hot Springs and Spa which went into court receivership in 2018 after accumulating an estimated $23 million in debt.
