Former CEO of Mortgage Company Taylor Bean & Whitaker to be Sentenced for Role in $3B Fraud
ALEXANDRIA, Va. — Prosecutors are seeking a six-year prison sentence for the CEO of what had been one of the nation’s largest private mortgage lenders.Fifty-five-year-old Paul R. Allen of Oakton, Va., will be sentenced Tuesday in federal court in Alexandria for his role in a $3 billion fraud scheme that officials say is the one of the largest in U.S. history.
Belongings of NM Real Estate Executive Accused in $700M Ponzi Scheme to Go on Auction Block
ALBUQUERQUE, N.M. — Wanna piece of Doug Vaughan?Youll have a shot Saturday at an auction to sell off household furnishings and other personal possessions belonging to the former real estate executive accused of scamming upward of $70 million from 600 investors through a Ponzi scheme.
Buy his 24-carat gold-plated De Beers Diamond Hour Glass and, like Vaughan once did, watch glittering diamonds suspended in a clear silicone-like liquid count the minutes. The hourglass had been appraised at $7,936 for insurance purposes.
Homeowners fight illegal foreclosure
If your Summit County home is foreclosed upon by a company that does not hold your loan and has no legal right to operate in Utah, there may be nothing you can do about it.
Thats been the experience of hundreds of Utahns foreclosed upon by ReconTrust, a subsidiary of Bank of America. The company has publicly noticed the sale of over 100 homes in Summit County this year alone in The Park Records legal notices pages.
According to the Summit County Recorders Office, it has begun the foreclosure process on three since the Utah Attorney Generals office threatened a lawsuit on May 18.
King says there will be no ‘tsunami’ of repossessions
After recent claims that interest rate increases would lead to a ‘tsunami’ of repossessions across the UK, the governor of the Bank of England has spoken out to express his concerns. Sir Mervyn King, the governor of the central bank, said that these claims, which were made by Richard Banks, the chief executive of UKAR (UK Asset Resolution), were exaggerated.
Whilst claims were made that there would be a wave of repossessions resulting from any rate increases King said that interest rates were set to remain low for the foreseeable future and that the claims over repossessions were being overdone. He said that even when interest rates did increase it would take time for any increases to be passed onto borrowing costs.
The governor also said that with the economy weak there were no plans in place to increase interest rates. He