On Tuesday morning, the Kalamazoo Gazette reported Chemical Bank had filed a lawsuit against Evan Knoll’s Torco Race Fuels and that a court appointed receiver was in the process of liquidating its assets.

A day before the damning article, Reuter’s news agency reported that Chemical Financial Corp (CHFC.O) incurred a Q3 charge on loan fraud. Shareholders will incur a charge of 30 cents per share in the third quarter, as Reuters said, due to a fraudulent commercial loan related to a single borrower. On Tuesday morning, the Kalamazoo Gazette reported Chemical Bank had filed a lawsuit against Evan Knoll’s Torco Race Fuels and that a court appointed receiver was in the process of liquidating its assets.

A day before the damning article, Reuter’s news agency reported that Chemical Financial Corp (CHFC.O) incurred a Q3 charge on loan fraud. Shareholders will incur a charge of 30 cents per share in the third quarter, as Reuters said, due to a fraudulent commercial loan related to a single borrower.

Chemical Financial did not identify the client, but the coincidence is hard to ignore.

According to Van Buren County Circuit Court records, as reported by the Kalamazoo Gazette, Knoll owes at least $15 million to Chemical Bank of Michigan

"It appears that the client intentionally made inaccurate, misleading and potentially illegal representations about its financial condition and the source of repayment for a significant line of credit," Chief Executive David Ramaker said in a statement reported by Reuters.