UMB Bank, N.A. v. Monson

CourtDistrict Court, D. Kansas
DecidedJune 4, 2025
Docket2:21-cv-02504
StatusUnknown

This text of UMB Bank, N.A. v. Monson (UMB Bank, N.A. v. Monson) is published on Counsel Stack Legal Research, covering District Court, D. Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
UMB Bank, N.A. v. Monson, (D. Kan. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS UMB BANK, N.A., solely in its capacity as successor trustee for the Bonds, Plaintiff,

v. Case No. 21-CV-2504-EFM D. JON MONSON, et al., Defendants.

MEMORANDUM AND ORDER Before the Court are two Motions to Dismiss (Docs. 248 & 250). The first motion to dismiss (Doc. 248) is brought by Defendants D. Jon Monson; Compass Commodity Group III LLC; 11 Water LLC; ONE10 Hotel Holdings LLC; Matthew Stoen; The Landschute Group; Big Sand LLC; HFF Texas LLC; Grayley Fiduciary Management Corporation; Jaren Johnson, as Trustee of the CBB Trust; D. Jon Monson, as Trustee of the CBB Trust; D. Jon Monson, as Trustee of the CBB 1 Trust; D. Jon Monson, as Trustee of the CBB 2 Trust; D. Jon Monson, as Trustee of

the CBB 3 Trust; and ONE10 Hotel HRKC, LLC (collectively, the “Monson Defendants”). The Monson Defendants ask this Court to dismiss Counts I, II, and XII of Plaintiff UMB Bank’s Complaint for failure to state a claim under Federal Rule of Civil Procedure 12(b)(6) and 9(b). The second partial motion to dismiss (Doc. 250) is brought by Defendants Anthony Jacobson; Robert Boyer; Vernal Bay Capital Group LLC; Vernal Bay Investments LLC; Howard Yu, solely as trustee of the Anthony J. Jacobson Trust; Peak Trust Company, solely as trustee of the Anthony J. Jacobson Trust; and Mutual Credit Corporation (collectively, the “Vernal Bay Defendants”). The Vernal Bay Defendants ask this Court to dismiss Counts I, II, VI, VII, VIII, and XII of Plaintiff UMB Bank’s Complaint for failure to state a claim under Federal Rule of Civil Procedure 12(b)(6) and 9(b). For the reasons stated below, the Court denies both Motions to Dismiss. I. Factual and Procedural Background1

This dispute centers on an unsuccessful construction project. In 2016, the City of Edwardsville, Kansas (the “City”) created the Village South at Edwardsville Redevelopment District, which contained several project areas. In 2018, Defendant Compass Commodity Group III (“Compass”) agreed to build a Hard Rock Hotel in “Project Area Two,” along with a business center, event center, retail area, and restaurants (together, the “Project”). On August 26, 2019, Compass and the City entered into a Development Agreement. Under this Agreement, the City would raise funds by issuing bonds and reimburse Compass for eligible expenses; Compass would fund, construct, and operate the Project. Compass was also obligated to contribute nonrefundable “Predevelopment Equity” totaling $4,176,134 and “Owner Cash Equity”

totaling $1,493,670 to the Project. If Compass did not have this cash up front, then it could secure financing through loans. Proof of financing was required before the City would issue or disburse bonds. For refundable expenses, Compass could receive reimbursement by submitting Cost Certifications with supporting documentation. In October 2019, the City issued several types of bonds with the intent that sale proceeds would be used to reimburse Compass under the Development Agreement. The bond proceeds were held in trust by Commerce Bank (the “Prior Trustee”).

1 The facts in this section are taken from Plaintiff’s Amended Complaint unless otherwise cited. Various investors joined the Project throughout 2018 and 2019—including Anthony Jacobson and Robert Boyer, who helped facilitate Project loans from Vernal Bay Capital and Vernal Bay Investments. Jacobson is the beneficiary of the AJJ Trust, whose trustees are Howard Yu and Peak Trust Co. (the “AJJ Trustees”). On October 1 and 25, 2019, Monson, Stoen, Jacobson, Boyer, Compass, 11 Water, One10

Holdings, One10 HRKC, and the AJJ Trustees (collectively, the “Bank Fraud Defendants”) submitted Cost Certifications Nos. 1 and 2, requesting a total of $14,056,586.20 in reimbursement for Project-related costs, including land acquisition, utility easements, surveying, appraisal, architecture, engineering, etc. These certifications falsely asserted compliance with the Development Agreement whilst concealing that the requisite construction loan had not closed. On October 30, 2019, Compass sold and assigned the Project to One10 Hotel HRKC, LLC. Jon Monson was the authorized representative, manager, and founder of Compass and One10 Hotel Holdings. However, Jacobson and Boyer bought out Monson’s interest in One10 Hotel Holdings, although Monson still held a managerial role. On that same day, One10 Hotel

Holdings—the sole member of One10 Hotel HRKC—entered into a Mezzanine Loan Agreement with Mutual Credit Corporation for $3,100,000. The purpose of this loan was to secure equity financing for the construction of the Project. Notably, the developer named in the Mezzanine Loan Agreement is not Compass or One10 Hotel HRKC, but an entity named Landschute Group, Inc. (“Landschute”). Landschute employed an individual named Matthew Stoen. Stoen had a history of defrauding real estate investors. In 2014, he pled guilty to wire fraud, was sentenced to federal prison, and ordered to pay restitution. Through his employment with Landschute, Stoen began managing the development of the Project as a “contract developer.” He also operated as an “authorized agent” for Landschute, Compass, and One10 Hotel HRKC.

Relying on the Bank Fraud Defendants’ October representations that they were “in a position to close” on the construction loan, the Prior Trustee distributed the requested funds on

October 30, 2019—nearly a month before the loan actually closed, despite loan closing being a condition precedent to disbursement. The closings were delayed solely because the Bank Fraud Defendants failed to pay the requisite $13 million Down Payment Deposit—a condition they did not satisfy until November 25, 2019, making that day the effective closing date. The Bank Fraud Defendants paid the construction loan’s Down Payment Deposit with the proceeds from the mezzanine loan together with disbursements from the cost certifications. Had the true status of the loan been disclosed, the Prior Trustee would not have approved the disbursements, and the Bank Fraud Defendants would have had no basis for seeking future reimbursements. Other misrepresentations include the Bank Fraud Defendants’ application for an

agricultural tax exemption and marketing the Project site for sale, both of which undermine the Project’s purpose, which was to develop the land. Around October 30, 2019, Defendant Monson and the AJJ Trustees jointly and severally executed a Guaranty Agreement for the benefit of the Prior Trustee. The Guaranty Agreement required that these Defendants maintain a minimum balance of $892,404.36 as a Debt Service Reserve. This Reserve was designed to provide bondholders with security for debt service payments on the bonds. However, neither Monson nor the AJJ Trustees funded the reserve. In fact, Monson never had the financial means to fund his obligation, and although the AJJ Trustees had the means to fund their obligation, they never intended to do so. On November 21, 2019, UMB Bank, N.A. (“UMB”) acquired Commerce Bank’s corporate trust business and became the new trustee tasked with holding and administering the trust estates for the benefit, security, and protection of all bondholders. Unbeknownst to UMB, the Monson Defendants and the Vernal Bay Defendants (collectively, the “RICO Defendants”) intentionally devised and implemented a comprehensive

scheme to defraud UMB of the money held in trust and fraudulently transfer the property on which the Project was supposed to be built.

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UMB Bank, N.A. v. Monson, Counsel Stack Legal Research, https://law.counselstack.com/opinion/umb-bank-na-v-monson-ksd-2025.