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BMO Harris Bank in suit with former insurance exec over unpaid debt

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BMO Harris Bank in suit with former insurance exec over unpaid debt

Chicago-based BMO Harris Bank NA has filed a case against former Patriot National Inc. CEO Steven Mariano over alleged failure to pay back a $2 million line of credit, the South Florida Business Journal reported Aug. 11.

The case was originally filed in December of last year, and the bank is now seeking summary judgement on the case. The Bank of Montreal unit alleges in its suit that Mariano and his trust defaulted on the loan after failing to make payments.

An attorney for BMO Harris Bank, James Sullivan, declined to issue a statement on the case, while an attorney for Mariano, Thomas Griffin, did not immediately respond to a request for comment, according to the news outlet.

The news outlet reported that Mariano is also facing another suit from Fifth Third Bank, related to alleged unpaid debt of more than $12 million.

The publication noted that Mariano is also being sued over Patriot's stock price decline.