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Friday, July 10, 2020

“UNCLEAN HANDS” Milking The Cash Cow For Fun & Profit

In my opinion, there were no legitimate business reasons for Mark Noss to assume Steven Ingersoll's $950,000 delinquent Traverse City State Bank line of credit debt...but a steaming pile of illegitimate ones.

Later today, I'll begin airing that pile.

Wednesday, July 8, 2020

“UNCLEAN HANDS” Mark Noss Asserts Metaphorical Hygiene Defense Against FSM Bankruptcy Trustee; Noss Denies Any “Claim Or Actuality Of Impropriety” Against Steven Ingersoll's “Financial Dealings With GTA”

Mark Noss finally peeped.

The legal team representing Mark Noss filed a response yesterday to the April 30, 2020 Adversary Complaint filed against his now-defunct charter school management entity, Full Spectrum Management, LLC (FSM) by its Chapter 7 Bankruptcy Trustee, Kelly M. Hagan. (Noss filed the Chapter 7 bankruptcy petition on behalf of FSM on February 19, 2019).

Although the July 1 extended deadline passed without a peep from Noss, his squawk is evident throughout the tardy response.

FSM's road to bankruptcy began back on September 12, 2018, when Independent Bank (formerly known as Traverse City State Bank-TCSB) filed a civil complaint against FSM in Grand Traverse County's 13th Circuit Court, seeking to recover $766,924.99.

On March 20, 2014, FSM entered into a Promissory Note with the Bank in the original principal amount of $925,000, a line of credit debt owed to TCSB by former Grand Traverse Academy management honcho, and convicted tax cheat, Steven J. Ingersoll.

The civil complaint filed September 12, 2018 revealed Mark Noss, who sent his now-infamous March 18, 2014 “Succession Plan” email to the Grand Traverse Academy's Board of Directors, breathlessly pleading with them to avoid a devastating “media exposé” by formally approving a “new management contract” with his newly-hatched Full Spectrum Management, LLC, had been a debt-dodger for nearly a year, having made his last payment on the debt in August 2017—shortly before he was shit-canned by the Grand Traverse Academy.

His predecessor, Steven Ingersoll, was federally charged on April 10, 2014 in an indictment that was unsealed the next day. 

On April 23, 2014, a superseding indictment was filed, charging Ingersoll with conspiracy to defraud a financial institution (Count 1), conspiracy to defraud the United States and the Internal Revenue Service of the Department of Treasury (Count 2), wire fraud (electronic funds transfer of $704,000 of construction loan proceeds from the Madison Arts account to Roy and Tammy Bradley’s construction company’s account) (Count 3), wire fraud (electronic funds transfer of $704,000 of construction loan proceeds from Roy and Tammy Bradley’s construction company account to Gayle Ingersoll’s business account) (Count 4), wire fraud (electronic funds transfer of $704,000 of construction loan proceeds from Gayle Ingersoll’s business account to Steven Ingersoll’s personal bank account) (Count 5), tax evasion for the 2009 calendar year (Count 6), and tax evasion for the calendar year 2010 (Count 7). 

Steven Ingersoll was convicted of three counts of fraud and tax evasion on March 10, 2015. 

Ingersoll’s sentencing hearing began on October 21, 2015 and he was formally sentenced to 41 months in federal prison on December 15, 2016. 

Ingersoll entered FCI Duluth on February 2, 2017.

Ingersoll was released from prison in late December 2019. 

Mark Noss signed a TCSB promissory note in April 2014, assuming the legal responsibility to repay a $925,000 loan restructure of a Line Of Credit loan TCSB originally made in 2011 to Steven Ingersoll’s Smart Schools Management.

Shortly after, on April 28, 2014, Noss sent this “broadcast email” to the Grand Traverse Academy community, asserting that due to “the controversy surrounding Steven Ingersoll in Bay City” (a soft-pedal explanation of Ingersoll’s federal tax fraud indictment), the Grand Traverse Academy “Board decided it was important to sever ties with Smart Schools Management to preserve the integrity of the Grand Traverse Academy.” 

The Academy community would learn two years later that Noss lied about severing ties with Ingersoll: Noss began making five-figure monthly payments to Ingersoll within days of assuming control of the Traverse City charter school.

Between early April 2014 through March 15, 2016, Noss repeatedly, and publicly, made deceptive statements denying any ongoing business or financial relationship with Ingersoll, even claiming during a December 17, 2015 Grand Traverse Academy (GTA) board meeting that he had “no business relationship with Dr. Ingersoll at the present time”. 

According to the bankruptcy trustee's April 30, 2020 adversary complaint, the “alleged “License Agreement” entered into between the Full Spectrum Management and Steven Ingersoll’s owned entity “Smart Schools, Inc.” on March 19, 2014 (the same day the Grand Traverse Academy’s Educational Provider Agreement was transferred from Smart Schools Management, Inc. to newly-formed Full Spectrum Management) was never revealed or provided to Traverse City State Bank for review or approval, despite requiring payments of $150,000 a year to Smart Schools.

The FSM Bankruptcy Trustee asserted in the April 30, 2020 Adversary Complaint that “while Noss maintained Steven Ingersoll, and Ingersoll’s business entities, would no longer have any connection or relationship with the Grand Traverse Academy”, Noss diverted nearly $1.0 million from Full Spectrum Management, classifying the withdrawals as “Owner’s Draws”, to pay himself and directed payments from Full Spectrum to be made to Steven Ingersoll for bogus “consulting fees and/or license fees”—to the detriment of Independent Bank and Full Spectrum’s other creditors.

Now that you have the backstory, you're ready for the whole story.

Beginning Friday, July 10, only at Glistening, Quivering Underbelly!