Legal Question in Banking Law in Iowa
"Is it legal for my banker friend to invest his own personal monies in my business when his bank is also loaning me money for the business??"
Asked on 6/06/12, 8:03 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
I've thought about this for a while. It's a conflict of interest on his part because of a couple of things. First of all he'd be trading on insider information. Second of all his bank may have rules against this sort of behavior. I wouldn't touch it unless and until he obtains clearance from his bank after a full disclosure. Otherwise it could come back on you.
Answered on 6/18/12, 1:40 pm
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