Mortgage Fraud Insider ApologizesSACRAMENTO, CA - The managing broker behind a failed mortgage operation posted a rambling essay on the company's Web site describing his years of fraudulent activity and asking for forgiveness.
The seven-page essay by Christopher Warren, 27, replaced the home page of Triduanum Financial which abruptly closed its doors last month.
Warren said his career in the mortgage industry began when he was still a teenager and took a job with the now-defunct Ameriquest in 2001. Warren claimed he manipulated loan applications to secure financing and eventually hacked into the Ameriquest computer system to approve loans himself with no oversight.
Warren said he left Ameriquest three years later with the personal information of 680,000 Ameriquest customers to start his own mortgage banking operation in Sacramento called WTL Financial.
"At the ripe old age of 22, a fraudster trained by the best corporate environment for fraud, I built a company modeled after the movie Boiler Room," Warren wrote.
Warren said WTL Financial faked credit scores and W-2s to peddle loans to investors who failed to scrutinize the files.
"I made over $2.25 million, all of which was spent on 24 cars, five houses and drugs," he wrote.
Warren said WTL Financial originated $810 million in questionable mortgages before it collapsed in 2007.
Warren then moved on to work as a vice president for Roseville-based Loomis Wealth Solutions, which he described as a real estate Ponzi scheme.
Federal authorities raided the offices of Loomis Wealth Solutions last August and searched the Granite Bay home of founder Lawrence Leland Loomis. Among items they were looking for were "any documents pertaining to Christopher Warren."
In his essay, Warren said he had been interviewed by the FBI and expected to be indicted for his role in operations at Loomis Wealth Solutions.
Public records show Warren struggled with other personal problems in 2008. In May he lost a $729,000 Folsom home to foreclosure and in November he finished three years of probation for narcotics possession.
State records show Triduanum Financial was incorporated last July. Warren's essay did not address Triduanum Financial's business practices, but an earlier Web posting said the company had exceeded its line of credit by $20 million and suggested homebuyers find another lender.
Warren did not immediately return phone calls or email from News10 seeking comment.
In his essay, Warren said he helped ruin the nation's economy and hopes his experiences can help reform the mortgage and banking systems.
"Almost a billion dollars of toxic assets came from me," he wrote. "Looking back at the life I have led, I beg a higher power for forgiveness."http://www.news10.net/news/local/story.aspx?storyid=54153&provider=topStories