THE COST OF CORRUPTION: HOW A LOAN FROM CONVICT STEVE BECAME A LINE OF CREDIT CONTROVERSY: 2017 Investigative Series Shines A Light On Steven Ingersoll's Traverse City State Bank Line Of Credit & 2014 Transfer To Mark Noss/Full Spectrum Management, LLC

BREAKING NEWS! MARK NOSS SERVED SUBPOENA MAY 7 ON BEHALF OF INDEPENDENT BANK; ORDERED TO PROVIDE “ALL CORRESPONDENCE OR OTHER DOCUMENTS” RELATING TO $925,000 LOAN. NOSS SET FOR “2004 EXAMINATION” MAY 21 IN U. S. BANKRUPTCY COURT.

A three-part series published on this blog in 2017 provides a comprehensive examination of Steven Ingersoll's Traverse City State Bank line of credit and its subsequent 2014 transfer to Mark Noss.

Ingersoll, now serving his 41-month federal tax evasion sentence in FCI Duluth, in 2014 offloaded the obligation to repay the bank an outstanding $925,000 balance related to his Smart Schools Management, Inc. 

On February 19, 2019, Noss filed a Chapter 7 bankruptcy petition on behalf of his Full Spectrum Management, LLC, formerly the provider of charter school management services to the Grand Traverse Academy.

The petition revealed Noss sought to discharge over $1.0 million in liabilities, including $766,925 owed to Traverse City State Bank. (Independent Bank acquired the bank in late 2018.)

In late April 2017, I published the first in a three-part examination of the loan.

From its inception in 2007 as a $474,00 loan from Steven Ingersoll's Smart Schools Management, Inc. to the Grand Traverse Academy to Ingersoll's 2014 transfer of his $925,000 obligation to Noss, the series provides the definitive examination of a financial clusterfrolic back in the news.

Read the three-part series at these links: Part 1, Part 2, Part 3.