By: elo54
14 Nov 2007, 03:20 PM EST
Msg. 624138 of 624160
Jump to msg. #
I hope we get a result like this one day.If the Banks or Brokers get hurt they get results quickly but when its share holders there is not the same push to move as quickly.
All 23 are going to jail
by Christopher Menkin. Leasing News
Assistant United States Attorney Jennifer Waier said they did not go before a grand jury because all 23 plead guilty to the “information.” When asked if there would be more named, she explained that the investigation was “on going” and that is all she would be able to say at this time.
Leasing News has been told by a very reliable source that “High Level” bank officers within leasing companies may have conspired to support this reported scheme. US Attorney Jennifer Waier could not make a further comment at this time.
It appears there may be others to be named who have attempted to defraud a major financial institution on the stock exchange, and a major bank, also on the stock exchange. Reportedly these
bank officers knew what they were “selling.” These individuals are not new to the bank portfolio business and reportedly are high up. Just as what happened to Lancaster, Pennsylvania-based Sterling Financial, who were forced to sell their bank, these bank officers evidently did not think they would be caught. Whether they will be charged is not known at this time.
Some of the defendants - through companies called Capitalwerks in Santa Ana, Brickbanc Capital in Costa Mesa and others - marketed cash loans to small businesses experiencing credit problems. Once small businesses agreed to apply for loans, some of the defendants instead submitted equipment-lease applications to lenders.
The charges against 23 named to date are a result of an FBI investigation dubbed Operation Lease Fleece, which targeted individuals in the equipment-leasing industry, including loan brokers, equipment vendors and an employee of CitiCapital.
The official press release from the US Attorney’s office stated:
“The 23 defendants charged today will be summoned to make court appearances over the next
several months.
“The charges filed today are part of an ongoing investigation by the Federal Bureau of Investigation.”
James T. Raeder II, 42, of Mission Viejo, who worked at Capitalwerks/Preferred Lease
Mark McQuitty, 46, of Trabuco Canyon, who worked at Capitalwerks/Preferred Lease
Richard Norris, 60, of Los Angeles, who worked at Capitalwerks/Preferred Lease
Anthony E. Watson, 61, of San Clemente, who worked at Capitalwerks/Preferred Lease
Douglas Cox, 37, of Rancho Santa Margarita, who worked at Capitalwerks/Preferred Lease Adam Zuckerman, 37, of Laguna Beach, who worked at Brickbanc
Kirk McMahan, 31, of Newport Beach, who worked at Brickbanc
Paul Arnold, 56, of Laguna Hills, who worked at Brickbanc
Geoff Silver, 35, of Calabasas, who worked at Silver Industries
Brian Sime, 29, of Irvine, who worked at Brickbanc
John J. Callaghan, 38, of Warminster, Pennsylvania, who worked at Citicapital
Leo Najera, 28, of Mission Viejo, who worked at ECCI
John Budge, 38, of Sartell, Minnesota, who worked at Bach Business Credit
Leigh Dorand, 42, of Phoenix, who worked at Tech Capital
James Breedlove, 51, of Newport Beach, who worked at Santa Fe Equipment
Mark Castleman, 47, of Chino Hills, who worked at Industrial Information Systems
Les Spitzer, 60, of Grenada Hills, who worked at Pyramid Infinite
George Simon, 38, of Redondo Beach, who worked at Advantage IT Solutions
Jeff Greenough, 48, of Laguna Beach, who worked at Peniche
Troy Worrell, 47, of Newport Beach, who worked at Peniche;
Lourey McComber, 53, of Prescott Valley, Arizona, who worked at Peniche
Harold Gold, 75, of Falmouth, Massachusetts, who worked at Leasing Services
Nohad Mousa, 40, of Anaheim, who worked at Saut Wa Soora, Inc.
As reported in earlier stories, the FBI was reportedly assisted in their investigation by Citicapital, the leasing division of Citibank, which suffered an estimated $9.5 million in losses and discovered that one of their employees had perpetuated the fraud. Other victim-institutions include Wells Fargo Bank, GE Capital, American Enterprise Leasing, Key Bank, Bank of America and U.S. Bank. Investigators estimate that the victims suffered at least $20 million in losses.
[headlines]
--------------------------------------------------------------
Bruce Lurie on "Fraud Prevention/Due Diligence"
ragingbull.quote.com/mboard/boards.cgi?board=CMKI&read=624138