Albemarle First Gets Scammed

Albemarle First Bank has lost somewhere in the vicinity of $2.4MM in a scam known as “check kiting.” It involves a chain of checks between banks, the final one in the chain being left holding the bag when it comes time to produce the money. Albemarle First does not think that they’ll be able to recover the money. Consequently, the bank will now has a first-quarter loss of $1.94. In heavy trading, their stock dropped 28% on the news. Dow Jones has the story.

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