From The State's sister paper, The (Myrtle Beach) Sun News: State Sen. Ray Cleary. R-Georgetown, said Friday he will appeal a circuit court judge’s decision this week denying a new trial in a case where Cleary claims the bank he helped found defrauded him in a $2.9 million property deal.
Judge Knox McMahon – who presided over the November trial between Cleary and Bank of North Carolina, the successor to the failed Beach First National Bank – said in a ruling Tuesday that Cleary’s arguments for a new trial lacked merit and are insufficient to warrant a new trial. Cleary said he will ask the S.C. Court of Appeals to overturn that decision.
A jury on Nov. 7 agreed with bank officials who said Cleary – the owner of Waterfall Investors 2 LLC – is solely to blame for defaulting on a mortgage loan because he failed to do his own due diligence in buying property that contained mostly wetlands. The jury found that Cleary owes Bank of North Carolina $2.9 million on the loan, including interest. Waterfall Investors planned to build a residential community at the site.