It looks like the FDIC is finally building a case against the DeCaros for their role in the failure of USA Bank. Borrowers who spoke out in my DealFlow stories about alleged lending abuse and forged mortgage documents were subpoenaed by the FDIC two weeks ago. Ron Scheckter, James Scheckter, and Maurizio Carusone have all […]
Continue5 Oct
NIR Group Investors say Ribotsky Commited More Fraud during Reorganization
Corey Ribotsky was charged by the SEC for misappropriation of assets in his NIR Group hedge funds but DealFlow Media is reporting the alleged fraud doesn’t stop there. Investors are now being told by PricewaterhouseCoopers, the fund’s court appointed liquidator, Ribotsky never signed the legal document that assigned collateral rights from the old AJW Master […]
Continue28 Sep
SEC Charges NIR Group Ribotsky with Massive Fraud Scheme
NIR Group founder Corey Ribotsky was finally charged with creating a scheme to defraud investors in his hedge funds. Today the SEC filed a 34-page lawsuit detailing how Ribotsky lied to investors in 2008 about the value of the assets when he could not meet redemption request. The federal regulator, who DealFlow Media has been […]
Continue16 Sep
Wells Fargo Suit against JP Morgan Highlights Rampant Missreps in Bear Stearns RMBS
Wells Fargo is fighting back for investors in a toxic 2007 Bear Stearns mortgage security. On Wednesday, the bank acting on behalf of investors as the trustee of the security, filed a breach of representations suit against J.P. Morgan and its subsidy EMC. The suit is over $560 million of loans investors believe should be […]
Continue8 Sep
DOJ Ask Judge to Thrown RBS Embezzler James Glover in Jail
Former RBS executive James Glover could be sent to jail today. The Connecticut office of the Dept. of Justice filed papers this week asking the judge to thrown Jamie in the slammer. On June 1st 2011, Glover plead guilty to stealing more than $600,000 from RBS’s Greenwich Capital division. We reported at Greenwich Time last […]
Continue1 Sep
New Canaan Forex Trader’s Wife and Daughter Caught Hosting Underage Drinking Party
It appears the New Canaan Police Department has finally busted a parent for allowing their underage teenager to host drinking parties. On August 22nd, Avery Underwood,19, was charged with delivery of alcohol to minors and her mother Lori Underwood, 47, was issued an infraction for failing to halt possession of alcohol by a minor. Hearst […]
Continue24 Aug
Report Says: Bear Stearns Executives Sold Illegal RMBS and Covered It Up
Former back office employees from Bear Stearns are coming out of the woodwork to explain how Tom Marano’s mortgage group cheated their own clients out of billions. This week I reported at The Distressed Debt Report, EMC insiders say they were told to make up the classification for whole loans, packaged into mortgage securities, to […]
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