Saturday, Oct 01, 2016
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Bank sues Toledo man for failure to pay loan

A Toledo businessman who was placed in a court diversion program after admitting he entered a competitor’s business and took documents was sued Monday in Lucas County Common Pleas Court for failing to make good on a promise to repay part of a $1 million loan.

Fifth Third Bank filed a demand for judgment against Bruce Rumpf of Toledo, claiming he had guaranteed 30 percent of a $1.05 million loan made in 2004 to Edinborough Investments, LLC. Edinborough defaulted on the loan, the bank said, and Rumpf now owes it $381,892 plus interest. The case was assigned to Judge Stacy Cook.

Last year, Rumpf, president and CEO of Job1USA Inc., was indicted for burglary and theft for entering Progressive Healthcare Services Inc. Judge Gene Zmuda placed him in a one-year diversion program, which, if successfully completed, will lead to the expungement of the felony theft charge from his record. The burglary charge was dismissed as part of a plea deal.

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