A federal grand jury has opened a criminal inquiry into the $1 billion collapse of First NBC Bank, a onetime darling of the New Orleans business community that failed earlier this year and was seized by regulators in the costliest collapse of an American bank since the height of the 2008-10 financial crisis, according to multiple sources with knowledge of the probe.
The grand jury has begun issuing subpoenas, the sources said.
Its not clear what prosecutors’ theory of the case is, but previous internal reviews of bank operations have noted First NBC founder and former CEO Ashton Ryan J…
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