A North Carolina businessman has filed for Chapter 11 bankruptcy after being hit with two civil complaints in the past year, according to The Herald.
Jonathan Duea and his wife, Whitney, filed for bankruptcy protection about two weeks after a local cardiologist sued Jonathan. In the lawsuit the plaintiff, Dr. Frank Wefald, claims that Duea managed his company's finances as well as his own personal account and racked up more than $60,000 in banking fees by opening a secret account with Four Oaks Bank, reported the newspaper.
Duea claims that Wefald's financial problems were caused by slow Medicare payments, according to the suit, adding that the high cost of maintaining Wefald's horses also drained his money.
In addition, the paper said Duea was sued by RBC Bank in 2010 for a loan he took on for a failed restaurant venture.
The Dueas' bankruptcy petitions lists Wefald, his company Millenia Cardiovascular and Four Oaks Bank as creditors. The news source said the couple also owes back taxes on their Neuse River office and retail complex.
There were 353,082 bankruptcy filings during the first quarter of 2011, according to the American Bankruptcy Institute. Of those, 458 were Chapter 11 petitions.