All inventory at Rick Davis Gold and Diamonds has been seized and will be sold to pay money that Davis owes from a civil court judgment from 10 years ago.
The store was pledged as collateral in the settlement of a lawsuit against Davis brought by Louisa Hurst, according to court documents.
On March 21, Davis filed a motion for order of satisfaction of debt, requesting that his debt to Hurst be cleared. According to a complaint filed by Hurst’s attorneys, Davis’ outstanding balance as of March 31 was more than $37,000 out of the original $85,000 he owed Hurst.
After the FBI raided Davis’ store April 2, Hurst’s lawyer filed a motion in Hamilton County Chancery Court requesting a temporary restraining order and injunctive relief. The court issued the restraining order and injunctive relief, prohibiting Davis from possessing, moving or selling anything that was put up as collateral.
The FBI raid was part of a completely separate investigation, unrelated to the Hurst case, Matthew Presley, a member of Hurst’s legal team, said in an email.
“Davis barely kept up with interest for years and never got close to paying what he consented to in the original consent judgment,” Presley said.
Hurst’s team gave Davis opportunities to renegotiate, but he did not follow through with payments required under the renegotiated agreement either, Presley said.
Most recently, Davis is facing charges of passing worthless checks. He was indicted Jan. 14 and is scheduled to appear in Hamilton County court on May 1 in relation to the charges. He is scheduled to appear the same day for another case in which he allegedly stole thousands of dollars worth of property from multiple people.
Contact Kailee Shores at kshores@timesfreepress.com or 423-757-6659.
