The Dentist Who Sold the Same Practice Twice - and Lost $420K
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The Dentist Who Sold the Same Practice Twice - and Lost $420K
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The morning a runner spotted a cardboard banker's box on a car roof, the top page showed a loan for $420,000-and thirteen minutes later the car was gone. How did a trusted dentist sell the same practice twice and leave one buyer on the hook for $420,000?
In this episode, we follow the timeline from the first sale on August 9, 2018 through the second loan on September 14, 2018, and the small clerical details that let two lenders secure the same collateral. What one indexing error allowed a clean-looking second loan to slip through?
Person: Keith Weaver
Person: Gary Cook
Date: August 9, 2018
Date: September 14, 2018
Amount: $420,000
- Weaver opened Weaver Family Dental in 2001 and retired at age 50.
- Gary Cook wired $420,000 to Keith Weaver on August 9, 2018 and took possession eleven days later.
- Cook began repaying a loan to Crestfield Savings and Loan at $3,112 per month.
- On September 14, 2018 Weaver presented Pinnacle Regional Bank with a loan package securing $420,000 against the same dental practice assets.
- Crestfield’s lien was filed under Gary Cook’s personal name while Pinnacle searched the practice name, creating an indexing mismatch.
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