Posts Tagged ‘fraud’

The Facebook Fraudster, and the Key To Prosecuting the Robosigners

Friday, November 2nd, 2012

Roy Oppenheim’s commentary was originally published on Yahoo! Homes and is being republished on South Florida Law Blog with their permission.

I love hypocrisy, and try as a I might, I can not escape it.

Here is the latest, and it is a rich one. Federal prosecutors have decided to indict a fraudster who tried to bilk Mark Zuckerberg, founder of Facebook.

Paul Ceglia claimed he had a contract where Zuckerberg gave him half the company years ago in exchange from some coding he did for the young college entrepreneur.

Fast forward and now Ceglia has been accused of being a decent forger but not as good as Frank Abagnale Jr. (the con-man who was memorialized by Leonardo DiCaprio inCatch Me If You Can“).

The U.S. attorney’s office in Manhattan arrested Ceglia, alleging he faked part of that contract by forging it from parts of a real contract he had with Zuckerberg to work on another site that had nothing to do with Facebook.

If you believe the U.S. attorney’s office, Ceglia is the fed’s version of Abagnale 2.0, a huckster out to make billions at the expense of others.

Here’s what U.S. Attorney Preet Bharara said in a press release announcing Ceglia’s arrest, after claiming that he doctored, fabricated, and destroyed evidence involved with his initial lawsuit: “Ceglia’s alleged conduct not only constitutes a massive fraud attempt, but also an attempted corruption of our legal system through the manufacture of false evidence. That is always intolerable.”

And that is where I nearly fell out of my chair.
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Mortgage Settlement Payouts Are Another Blown Call

Monday, October 1st, 2012

Roy Oppenheim’s commentary was originally published on Yahoo! Homes and is being republished on South Florida Law Blog with their permission.

Green Bay Packers vs Seattle SeahawksWell the long national nightmare is over. No, not the fraudclosure crisis. Sad to say that legal mess is still being cleaned up years after the bubble burst.

I’m talking, of course, of the NFL referees lockout.

Believe it or not, as I watched the backpedaling by Goodell and Friends after the Monday Night debacle, I found an odd comparison with the latest installment of what I like to call “As the Mortgage Settlement Turns”.

Here in Florida, and in several other states across the country, thousands of homeowners are about to get notices in the mail, stating they too might be able to claim a piece of the settlement pie.

The basic premise is this, if you lost your home to foreclosure, you’ll get a claims form, if you fill it out and you’re deemed eligible, you could get some money for your troubles.

When you take a long hard look at this process, you’ll probably see, as I have, that this process is inherently flawed from the get-go.

It’s why I’m not assisting my clients fill out these forms. I am not getting involved.

So how does this relate back to the NFL? Well since the lockout started every statement that came from the League was a complete and utter whitewash of the problems caused by the use of the replacement referees.

Rather than apologizing or even acknowledging their mistake, a mistake millions of people saw with their own eyes, the NFL just stuck to a hollow narrative and hoped we’d just accept it and move on. Just as the government and the banks are trying to do now with this flimsy settlement.
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Schneiderman And Mortgage Fraud Task Force: Are We Being Hoodwinked?

Friday, April 20th, 2012

 

Are we being hoodwinked by the mortgage fraud unit?

Courtesy:Cesar Cabrera Photography

When President Obama stood before Congress and the American People three months ago and promised to hold those behind the housing crisis ‘accountable’, I was hopeful.

In the days that followed, his new field general Eric Schneiderman was unveiled and almost immediately action was taken.

When Schneiderman issued subpoenas, just days after the President appointed him to run his new Residential Mortgage-Backed Securities Working Group, I thought that perhaps, FINALLY, a corner had been turned.

But it’s becoming clear to me now that the train that is the RMBS Working Group hasn’t left the station, and depending on who you believe, there may not even me a station built yet!

After those few weeks of full-court press by Schneiderman, there hadn’t been a peep about the status of the Working Group’s investigation. Yes it may have only been three months, yet I fear that the bold vision you and I were sold might turn out to be just another empty promise.

The press only turned its attention back to the Working Group after a brutal Op-Ed in the New York Daily News. The co-directors of the Metro Industrial Areas Foundation, a citizens coalition group, called Schneiderman out and said they had yet to see any footprint of the RMBS Working Group’s investigation.

The 55 staff members promised by Attorney General Eric Holder were nowhere to be found, the pair claimed.

Yet even this Op-Ed could only draw Schneiderman’s mouthpiece out of the woodwork, rather than the Attorney General himself.

Spokesman Danny Kanner refuted their claims, saying that attorneys and other investigators had already been hired, that we shouldn’t draw any conclusions by the lack of public announcements.
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Eric Schneiderman: This Millennium’s Elliot Ness?

Sunday, January 29th, 2012

New York Attorney General Eric Schneiderman

We here at the South Florida Law Blog decided to clock in a few hours this weekend, because if we didn’t we’d probably fall behind President Obama’s new man-in-the trenches Eric Schneiderman.

The New York Attorney General, only days into his appointment as the head of the newly-formed Residential Mortgage-Backed Securities Working Group has already issued subpoenas to 11 financial companies.

President Obama only announced this new investigative unit during Tuesday’s State of the Union, yet the “check”, or in this case the subpoena, is already in the mail.

If you were skeptical that Obama was still interested in the status-quo when it comes to the banks and doing business, may we present Exhibit A.

Eric Schneiderman is turning himself into a modern-day Elliot Ness.

You remember Ness don’t you?

The federal agent whose team of “Untouchables” couldn’t be bought off and helped bring down Al Capone?

Schneiderman too has the era of a man who will not be co-opted. If anyone can stay above the fray and not be reeled in by the banks and their money, he can.

Investigation Going After Cause of Housing Crisis

Schneiderman has stood up to the President before, openly opposing the settlement agreement that we here at the South Florida Law Blog have railed against. And now he is Obama’s point man for placing blame and creating accountability for causing the worst economic crisis in the US since the Depression.

Elliot Ness

The Huffington Post is reporting that outside of claims directly relating to robo-signing fiasco, the banks will not be released from the threat of prosecution for the vast majority of securities-related crimes.
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