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FDIC files lawsuit against Giannoulias family bank

March 7, 2012 4:56:15 PM PST
Federal regulators have filed suit against Broadway Bank, which failed in April of 2010.

Former Illinois State Treasurer Alexi Giannoulias worked as a senior loan officer and vice president at Broadway Bank, which was founded by his father. Giannoulias is not named in the $104 million lawsuit, but his brother Demetris is.

Federal regulators accuse the bank's former officers and directors of gross negligence and breaches of fiduciary duty.

FDIC complaint against Broadway Bank