Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Suicide Watch

Mortgage Company Exec Jumps to Death

Friday, January 18, 2008

(01-18) 17:20 PST Marlton, N.J. (AP) --

An executive of a collapsed subprime mortgage lender jumped to his death from a bridge Friday, shortly after his wife's body was found inside their New Jersey home, authorities said.

The deaths of Walter Buczynski, 59, and his wife, Marci, 37 — the parents of two boys — were being investigated as a murder-suicide, according to the Burlington County Prosecutor's Office.

Prosecutor Robert Bernardi said Evesham Township police went to the couple's home in the Marlton section of the township around noon after a male caller asked them to check on Marci Buczynski. Her body was found in a bedroom.

Authorities would not provide further details on her death, saying only that she was pronounced dead at the scene and that the county medical examiner's office would perform an autopsy Saturday.

About 20 minutes after her body was found, officers from the Delaware River and Bay Authority Police Department received reports that a man — later identified as Walter Buczynski — had parked his car on Delaware Memorial Bridge and jumped from the span.

Crews were searching for his body Friday night.

Bernardi said a motive for the apparent murder-suicide was not immediately clear. The couple's children were being cared for by family members, Bernardi said.

Walter Buczynski was a vice president of Columbia, Md.-based Fieldstone Mortgage Co., a high-flying subprime mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006.

However, it has since filed for bankruptcy and now has fewer than 20 employees. The company had recently filed court papers seeking approval to pay about $1.1 million in bonuses that would be divided among Buczynski and other staffers so the company could wind down its lending operations and go out of business.

Quote 0 0
A Citizen

Fieldstone Seeks to Pay $1M in Bonuses
Wednesday January 16, 4:35 pm ET

Subprime Lender Fieldstone Asks for Court OK to Pay $1 Million in Bonuses

WASHINGTON (AP) -- Collapsed subprime lender Fieldstone Mortgage Co. wants to pay a skeleton staff of workers, including its CEO, about $1.1 million in bonuses so the company can wind-down its lending operations and go out of business.

Fieldstone, formerly a high-flying subprime mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006, "now has less than 20 employees," according to court papers filed Thursday in the company's bankruptcy case.

Among the employees receiving biggest bankruptcy bonuses: CEO Michael J. Sonnenfeld; Vice President Walter Buczynski and Chief Information Officer John Camp will each receive $99,999. Another 20 or so employees would divvy up the remaining bonus payments.

Fieldstone said "the remaining employees are indispensable" for the company to shutter its business. The incentive bonuses are deserved because the "remaining employees are spread thin and working far beyond (the company's pre-bankruptcy) expectations of them."

The bonuses would be paid, in part, from the proceeds of a $3.8 million bankruptcy loan from Fieldstone's parent Credit-Based Asset Servicing & Securitization LLC, which has been funding Fieldstone's Chapter 11 case.

The Columbia, Md., mortgage lender filed for bankruptcy in November just nine months after it was acquired by C-Bass.

The request requires the approval of Judge James F. Schneider of the U.S. Bankruptcy Court in Baltimore. No hearing date has been set on Fieldstone's request.

Bankruptcy-law changes that took effect in October 2005 were meant to curtail a company's ability to pay bonuses to senior company executives while laying off rank-and-file workers.

However, judges have wide latitude to allow the incentive payments so firms can retain key employees, if such payments are justified by the facts and circumstances of the case.

Fieldstone filed for bankruptcy in November as the collapse of the subprime-mortgage market and the general credit crunch that followed tipped dozens of mortgage lenders into bankruptcy.

In August, Fieldstone stopped making new loans and laid off the bulk of its employees.

Rising delinquencies and increased defaults resulted in growing repurchase requests from secondary market mortgage investors, according to the company. Fieldstone was hit with "unprecedented margin calls" from its secured lenders, according to papers filed in its bankruptcy case.

C-Bass, jointly owned by mortgage insurers MGIC and Radian Group Inc., was also swamped with "unprecedented" margin calls, according to court papers. The parent company, which specialized in buying and repackaging distressed home loans, is now being dismantled.

Fieldstone filed for Chapter 11 protection on Nov. 23, 2007, with more than $100 million in liabilities and less than $100 million in assets.

Quote 0 0
If I were a spouse of one of these execs I'd be getting the hell out of Dodge.

If he wanted to kill himself, fine.......killing his wife and leaving his children orhaned in his wake is too low of a selfish act to comprehend...what a waste of space this man was. 
Quote 0 0
Wait a minute...

This guy stood to gain a HUGE BONUS, yet this is being investigated as a murder/suicide?????

Something's just not right here.

There's more to this story.  I would bet Buczynski's bonus check on it.

Quote 0 0
For this to occur at the same time CBASS is reported to be dismantling RADAR?  Things don't add up,  Why kill your wife?  then jump from a bridge?  that does not even add up, although possible, why not at least die with her, and under the same circumstances. 
Something is smelling at CBASS, remember this is the same company that lost an entire building of Computers when it bought PCFS, and several law suits were filed.  If I recall correctly, some law enforcement believed it was an inside job.  We just don't have enough information yet.  Although humiliated and involved in closing down Fieldstone, why would he have created two murder scenes, and just did himself the same way as his wife?  Did he jump? or was he thrown?   Maybe we can find more out about this?
Quote 0 0
Hey folks!  Sometimes a cigar is just a CIGAR!

I do not mean to be unsympathetic to the victim, but I think that we might reasonably surmise that the young trophy wife had ongoing cash flow requirements well beyond a $99,999 bonus NOT YET EVEN APPROVED by teh Bankruptcy Court.  My GUESS would be that she was moving on to greener pastures -- perhaps some wealthy lawyer specializing in predatory foreclosures -- and the jealous husband had gotten wind of it.

While most folks could live quite nicely for some time on almost $100,000, those with extravagant lifetyles living beyond their means might well feel CRUSHED by having to get by on $100,000 for a few months with uncertain prospects thereafter.

If you have stolen or fleeced your customers and investors out of millions of dollars fair and sqaure only to have your ungrateful wife spend it all on SHOES and then LEAVE YOU, you might do something very IRRATIONAL, particularly if you had an anger management problem!

My vote is that within a week or so, Mr. Walter Buczynski's corpse will be found and after his wife's autopsy, they will find that she is STILL DEAD.  The stunt double diving off the bridge will turn out to be a figment of everyone's imagination! 

Quote 0 0
Knew Walter & had many dealings with him. One thing that also needs to be reported. He was very, very jealous of his wife. I attended several functions with the both of them. Hopefully, the Sun will be the first to report this. I think you are going to fine this to be the cause of this horrific tragedy.
Possible murder-suicide investigated - Topix
Quote 0 0
Do we have to delve into this kind of sickness and somehow strain to make it relevant to what mortgage servicers did and continue to do?

Frankly, it's disgusting this forum would somehow home in on a personal tragedy of this nature and engage in speculations that it has some kind of relevance to our situation, particularly when it's way before the facts of the case are brought forward.

Does the word "mob" come to mind?


Quote 0 0

Good call.

I must say... I'm truly amazed at all the talent that makes up this forum.


Quote 0 0,0,394582.story


Man Jumps Off The Bridge After Killing His Wife


Flamboyance, prosperity end suddenly

Friends are baffled over apparent murder-suicide

| sun reporter

January 20, 2008

EVESHAM, N.J. - They married on Halloween 1998 - in costume.

On their five-year anniversary, Marcie and Walter Buczynski celebrated again, throwing a costume party for 100. He dressed as a pimp. She dressed as a showgirl.

Things were apparently going great at work for Buczynski then. The two-hour daily commute from his home in South Jersey to his office at Fieldstone Mortgage Co. in Columbia was a drain. But he'd been named an executive vice president that year and was being paid more than anyone else except the CEO.

The real estate market was booming, and so was the business of lending money to people with bad credit - Fieldstone's specialty. Few people then were familiar with the term "subprime."

At noon Friday, Evesham Township police found Marcie's body in the bedroom of the couple's Marlton home, dead from what the Burlington County, N.J., medical examiner ruled yesterday was a broken neck caused by blunt force trauma. Twenty minutes later, officers from the Delaware River and Bay Authority responded to a call that someone driving Walter's car had leapt from the Delaware Memorial Bridge.

Authorities still had not found Walter Buczynski's body as of late yesterday. But police said they found a note in his blue Acura SUV directing them to Marcie's body. Walter Buczynski wrote that his actions were motivated by the couple's personal relationship, rather than economic troubles, police said.

Yesterday morning, no one answered the door at the couple's yellow suburban home set in a cul de sac of newer houses. The shades were drawn, but for one set framed by leopard print drapes. White carnations were laid on the front steps with a note attached:


"Our friend, you will always be on our minds and will forever live in our hearts.

"With love"

Neighbors came to their doors in nightclothes and quietly asked for privacy. They said they were in shock. The Buczynskis always seemed so friendly, so normal - not the type that this sort of thing would touch.

They were known throughout town for their Halloween parties. Walter even gave planning tips to the local South Jersey paper, the Courier-Post. Marcie, 37, gardened in the yard and decorated for every holiday. Walter went to barbecues and chatted up the mortgage business.

"They seemed like a happy couple," said neighbor Colby Tyner. "I never thought anything like this would happen."

Tyner's backyard meets the Buczynskis' front, and the couple's two younger children would often tumble over the boundary when they played. Between them, the Buczynskis had four children: an 8-year-old son in the third grade, two grown sons from Walter's previous marriage, and a 15-year-old son - in his first year of high school - from Marcie's. The school-age boys have been placed with relatives, officials said.

Friends said Walter hadn't complained of troubles at work. Still, financial worries surrounded him.

In 2006, the IRS filed a lien against him, claiming he owed more than $656,000 in back taxes. The lien is still listed as open. Two months ago, Fieldstone collapsed and filed for bankruptcy, a victim of its apparent overeagerness in making subprime loans.

As someone considered indispensable to winding down Fieldstone's affairs, Buczynski was one of only about 20 people still working there. Just last week, Fieldstone asked permission from a bankruptcy judge in Baltimore to pay Walter a $100,000 retention fee to keep him on board through February. But at age 59, he was looking at possible unemployment after that.

Walter Buczynski spent most of his life working in the mortgage industry. He graduated from Rutgers University and flew a helicopter in Vietnam, according to a 1991 article in Real Estate Weekly.

Then he settled in as an accountant at the mortgage-banking unit of Primerica Corp. in 1973. He went on to hold top positions at Chase Manhattan Mortgage and GE Capital Mortgage Services. He joined Fieldstone in September 2000.

His salary last year was $330,800, according to filings with the Securities and Exchange Commission, though he likely earned a lot more. In 2005, Walter Buczynski made more than $787,000 in salary, securities options, bonuses and perks. Unlike his fellow senior executives, he didn't contribute any of it to a 401(k) retirement account.

More articles

Copyright © 2008, The Baltimore Sun

-          -   OFF  -     -



Submitted by Ed Cage / 972-596-4363 /

Quote 0 0
Inside CIA
Murder is true, suicide not. One does not commit murder suicide at different spots. Suicide victim was working with Feds related to Goldman Sachs and Paulsen's relationship with CBASS and Litton. Litton and Ocwen have CIA black box ties!
Quote 0 0

Inside CIA wrote:

"Murder is true, suicide not. One does not commit murder

suicide at different spots. Suicide victim was working with

Feds related to Goldman Sachs and Paulsen's relationship

with CBASS and Litton. Litton and Ocwen have CIA black

box ties!"



Dear Inside CIA:

Do you have any supporting evidence?


Ed Cage  /  /  972-596-4363

Quote 0 0
Originally Posted By Moose
Do we have to delve into this kind of sickness and somehow strain to make it relevant to what mortgage servicers did and continue to do?

Frankly, it's disgusting this forum would somehow home in on a personal tragedy of this nature and engage in speculations that it has some kind of relevance to our situation, particularly when it's way before the facts of the case are brought forward.

Does the word "mob" come to mind?

I want to apologize to Moose and others if my reply in this discussion thread was at all over the top.  I found conspiratorial references a bit over the top and my reply was perhaps overly dramatic in its sarcasm.

I have every confidence that the proper authorities will investigate and get to the CORRECT answers.  I am NOT particularly concerned about the prospects of a cover-up.

My point, of course, was that this sort of tragic murder-suicide is characteristic of a domestic dispute of some sort.  It is not at all unusual for money challenges to add tension to any domestic dispute.

I AGREE with Moose that this topic hardly merits any further discussion in this forum.  I suggest that those with a keen ghoulish interest wait for the television miniseries.  Let's get back on focus with REAL MS Fraud issues!
Quote 0 0
Inside CIA:

I can only recall you posting about one other time here, under that moniker anyway. It does appear that you do have the inside track to what is really going on with Ocwen, CBASS, Goldman Sachs, Litton etc. and the CIA connection. What's your take on all this (not this thread, but the whole thing), and what's your prediction for victims, and the LTH's who have destroyed so much, including the respect this country worked so hard to gain. Is there going to be a major cover up like the S & L scam? and are the victim's problems gonna be swept under the rug in light of the bigger picture  (the failing U.S. economy, etc)? I hope you're willing to shed some light this way.


Quote 0 0
Originally Posted by JCD
I can only recall you posting about one other time here, under that moniker anyway. It does appear that you do have the inside track to what is really going on with Ocwen, CBASS, Goldman Sachs, Litton etc. and the CIA connection.

What are you guys SMOKING??  Why don't we keep discussions on this forum REAL and RELEVANT!
Quote 0 0
Ask TONY ETTINGER, founder of CBASS/Sherman Capital, selling his majority interest to MGIC/RADIAN, Tony also bought LITTON LOAN, prior to selling his major interest to the MGIC/RADIAN, Tony, developed RADAR, and other systems simular to RADAR.  He was also instramental into FIELDSTONE, and the purchase of PCFS, which had all of its computers stolen in Alanta, (Some Law Enforcment thought this was an inside job) We may recall the class action that was later filed, and dismissed about this.
TONY ETTINGER now at FORTRASS, which if Im right owns and operated a helocopter training center and rental, known to fly individuals from Florida to the Bahamas's for meetings. 
I dont know if this guys death is anything more than what it is being reported as but, this connections to the above are known!   A viet nam chopper pilot are not known to snap under pressure, at least the numbers of ones I know.  But I dont want to  say anything more that what we know now,  other than he was in a significent position to know a lot of individuals that are all connected to the above. 
Quote 0 0
Bill I wish I had the same confidence as you do today on our Federal, state and local investigative abilities, however having worked for and with all three, I'm left with a number of lingering questions.  Politics had entered into every level of Law Enforcement, If Law Enforcement were Apolitical, I would feel much better, however after being involved with this for over 34 years, I do not share the level of your confidence in investigative abilities were "motives" could influence investigative out comes.  I have seen homicides classified as suicides, only years later to be re-investigated and the truth to come out. 
I'm am truly glad you sill have confidence in the "System" I believe I have lost mine, and like from coming from Missouri  "Show me". 
I can only hope that someone investigating this is straight and upstanding.  And like JFK murder in Dallas, this one may have the same lingering questions for years or decades to come, if not investigated extremely well.  And I certainly don't want an FBI investigation like done on "David Jewel"!    Like you, time will begin to fill out some of the answers.   However it remains, he was too close to the center of activity of individuals not to have known what was going on.  For Fieldstone to even to threaten a law suit against CBASS, and then an out of court settlement for the 3.8 million, What did FIELDSTONE have to threaten a suit with CBASS over?  And why the 3.8 million, then the request for another million plus?
Quote 0 0

Belief me I've never been one to subscribe to vast conspiracy theory's. But the link between Ocwen and the CIA has been brought to my attention too many times from too many different sources not to have some validity. Owen has always had way too much clout for just another criminal enterprise. From very the beginning the OTS, SEC, FTC & FBI has had a hands off attitude when it comes to these scumbags and I like many others would like to know why. As for your allusion about smoking: Gave that up many, many years ago (You can't hold top secret cleance while doing that sort of thing).

Quote 0 0
Walter Buczynski is living on a ranch in Paraguay along with Kenny Boy Lay. They will soon be joined by Mozilo, Erbey, Arnall and the rest. There will be quite a retirement party going on down there for the chief fraudsters and their Master Commander.

The authorities started looking for a body quite soon (within an hour or two) after the alleged jump and still have not found it. I find this to be strange beyond belief.

Until they find THE body, and I mean not A body, but THE body, I will believe the Paraguay tale!
Quote 0 0
I WILL agree that is is more than a little suspicious that Walter BUCZYNSKI's body has NOT yet been found.  And I would think that it is particularly appropriate under these circumstances for the investigating authorities to take a particularly HARD LOOK at anyone who purports to have actually WITNESSED the alleged jump.
I do NOT discount the possibility that Mr. BUCZYNSKI could have staged his own death.  This does NOT seem to me to be that farfetched AT ALL.  I find it convenient that Mr. BUCZYNSKI jumped on a Friday prior to the three day Holiday weekend.  He might be reasonably assured that only minimal, perfunctory efforts to find the body might be undertaken over the weekend given the clear indications of suicide.  And the failure, as far as I know, to yet find the body IS suspcious. 

The very idea that any governmental agencies would have assisted or been complicit in any way in such a staged death is beyond absurd. 
The KEY question is probably the trustworthiness and veracity of the accounts of any purported witnesses to the jump.  If I were in law enforcement, I would be asking WHO SAW HIM JUMP.  Then I would take a really long, hard look at those witnesses.  It is UNCLEAR how many people actually claim to have seen BUCZYNSKI jump. 
I would also be taking a long hard look at the video surveillance tapes in the toll lanes to IDENTIFY all of the vehicles on the bridge (both directions) by LICENSE NUMBER at roughly the time of the purported jump.
I think that this is an interesting subject for a TRUE CRIMES discussion thread.  But trying to assert that this is a relevant topic for MS Fraud is quite a stretch.  Can't we get back to substantive discussions of actual relevance??
"JCD", I SERIOUSLY DOUBT that you have or ever HAD any security clearance whatsoever.  If you have, why don't you post your REAL NAME.  I will drop it into the JPAS database and we shall see.  It seems far more likely that you are a person who has watched far too many intrigue/action/suspense movies.  And if you DO have any clearance, I can readily see WHY you wouldn't want to post your name...  your bizarre theories seem to suggest that you might lack the requisite stability and saneness to HOLD such a clearance.
Quote 0 0
    When I first started reading this thread, the whole subject seemed sad
but rediculous to discuss here. Now however, it is starting to make more
sense. When one realizes that the original location of Ocwen was Fort Lee
NJ and that several organized crime kingpins are alleged to live there and When one contemplates the brazen criminal behavior of Ocwen and its thumb the nose attitude at law enforcement, it could very well be that this individual was heavily involved with organized crime and he was about to be arrested. What better way to escape than to knock off a prime witness and then fake a suicide. I sure hope this is not the case. I'm also sure that with so much financial fraud surfacing, the FBI will be looking at all the major players so they can try to piece together how it all happened. One thing is clear, one of the biggest frauds in history is quickly unwinding right before our eyes.We are truely living at a turning point in history. So even though this info is not directly linked to MSF, it is interesting to know about in the context of MSF.
Quote 0 0

I truly hate this sort of ego B.S.  First of all... I don't recall ever stating any theories at all. Simply, stating that "Ocwen has more clout than they should and it may have some connection with the CIA" is not a theory! It may be an educated guess or an opinion based on known facts, but that's about it. Therefore, maybe it's you who has been smoke'n a bit too much.

Secondly, for one who stated that we should stay on the topic of MS Fraud, you sure have taken some liberties in going off on these wasteful tangents. Questioning my security clearance? I'll be the first to say that it shouldn't have been mentioned but since it was I'd be happy to prove it off line... that's right after you apologize for making such an unfounded and derogatory comment just to be a jerk.  

Now that that's been said, I do believe you are quite an intelligent guy for sure (based on the posts that I've read in the past). But quite frankly I just don't give a damn if you believe me or not! Although, if you're willing to put some money where your mouth is I just might change my mind.

And since you're such a bright and intuitive guy, I do feel a bit odd having to explain that my animosity here just might have a little something to do with some on-going litigation.

Although, we all here may have different opinions as to how and what should be done, we should at least be on the same side, and always give one another the respect that's deserved.

Sorry all, Ive wasted more than enough time on this one. Now, if you wish to take this any further, I suggest we do so off line. (My email is posted above)

Quote 0 0
With this kind of money, who wouldn't, (in Walt's shoes) FAKE A SUICIDE?


Here's a FINE example of mortgage industry FRAUD.

Forbes Magazine
Real Estate Rip-Off
Friday January 11, 1:04 pm ET
By Peter C. Beller

How Lehman Brothers was swindled out of $50 million.

Regulators call it fraud for profit. Real estate insiders refer to it as scamming for cash. Lehman Brothers (NYSE:LEH - News) isn't calling it anything at all--or saying anything about being swindled out of upward of $50 million.

The U.S. Attorney in Los Angeles says the scam was masterminded by developers Charles Elliot Fitzgerald and Mark Alan Abrams, with help from Joseph Aram Babajian, real estate broker to such stars as Warren Beatty, Ryan Seacrest and Harrison Ford. Five people have been indicted on multiple charges of fraud and conspiracy. Between 2000 and 2003 the defendants allegedly stole tens of millions of dollars by inflating the values of homes. According to the criminal complaint, they bought real estate at fair prices, had the properties appraised at far higher amounts, borrowed those greater sums from Lehman and pocketed the difference, using the money to fund extravagant lifestyles. Five people, developer Abrams among them, have pleaded guilty to multiple felonies and await sentencing after they testify against other defendants. Babajian (pronounced Baba-zhan) and Fitzgerald have entered not guilty pleas.

As the mortgage cyclone lurches from subprime loans and shaky securities to blue-chip customers and creditors, it is exposing scams that were hidden for years behind rising real estate prices. Fraud reports by banks jumped sixfold between 2000 and 2006, to 21,279, though the real number is probably far greater since only federally insured banks are required to report suspected foul play. The FBI says it is chasing mainly big-dollar investigations, but its load exceeded 1,200 cases last year. No one knows the size of this con game. The Mortgage Bankers Association, which represents some of the very folks under investigation, puts the value of mortgage fraud in 2007 at $3 billion to $4 billion. "It's an extremely conservative estimate, and that's just direct losses to banks," says Ann Fulmer, a vice president at Interthinx, an Agoura Hills, Calif. fraud prevention consultancy. In such cases, she says, creditors typically lose 45% to 100% of the loan amounts.

Could lenders really have been so blind--and dumb? The Securities & Exchange Commission is looking into whether Washington Mutual (NYSE:WM - News), the nation's largest thrift, knowingly made loans based on inflated appraisals. (WaMu says it did no such thing and is cooperating with the SEC.) Bear Stearns (NYSE:BSC - News), stung by a $7 million flimflam in Atlanta, claims it is trying to smoke out fraud. "Lenders are not interested in knowing," says Gary Crabtree, a Bakersfield, Calif. appraiser who has identified 207 home sales in the last year he claims are almost certainly fraudulent. The loans, he says, involved a total $111 million from the likes of WaMu, SunTrust Bank, Countrywide and others. Crabtree called them and mentioned his suspicions. "GreenPoint Mortgage told me it was none of my business," he recalls. "SunTrust was another I reported numerous frauds to. They just want to write them down and get out of town." The banks declined comment.

Lehman did file a civil complaint against Fitzgerald and Abrams and appraisers in April 2003, alleging breach of contract and fraud. But that occurred after a call from Christian Stevens, a broker in the Beverly Hills office of Keller Williams Realty. Stevens says he was impressed with the prices Abrams and Fitzgerald were paying for "properties that were languishing on the market. They all needed work." In one case a Beverly Hills home that had gone unsold for months at $800,000 suddenly sold for $3 million. Stevens phoned Lehman, which had made that and many other loans, and expressed his concerns about possible fraud. A lending executive, he says, told him, "They're all current with their mortgage payments, so I don't understand what your problem is." Finally, in January 2003, according to an affidavit in the civil suit, a Lehman account executive told Abrams over the phone that some of his loans contained false information about the borrowers. "What's the worst that ca n happen to us?" Abrams replied. Lehman revoked its agreement with Abrams and Fitzgerald and later filed suit.

According to the indictment, the pair borrowed $137 million from Lehman for 80 homes, which they purchased for $87 million. To persuade Lehman to lend the money, they recruited straw borrowers with good credit. Two appraisers allegedly inflated home values in exchange for hundreds of thousands of dollars. Abrams and Fitzgerald also paid off Richard Maize, a mortgage banker with RBC Mortgage, which made loans on behalf of Lehman, prosecutors allege. Babajian and his partner Kyle Grasso, say the feds, supplied fresh listings for the scam and controlled a title company, which allowed Fitzgerald and Abrams to supply Lehman with false documents.

To keep the bank at bay, the pair allegedly rented many of the homes, using the cash flow to make mortgage payments--or to buy new properties. In order to portray straw borrowers as reliable credit risks, says the criminal complaint, Abrams and Fitzgerald faked mortgage payments and rents, and used shell companies to funnel proceeds to various bank accounts or to pay millions of dollars in kickbacks.

The rest of the money, says a court-appointed receiver, went for art, jewelry, fine wines and other luxuries, like the renting of a 26-seat Gulfstream jet. Abrams leased himself a Ferrari and a Mercedes, and bought a vacation home at a California desert golf community, say court documents. He acquired prints by Chagall and Miró, a rare map of California from 1777 and first editions of such children's favorites as Charlotte's Web and Stuart Little. In early 2003 he and his family spent $173,000 during a single month on restaurants, designer clothing, plane tickets and so on. Fitzgerald and his wife, Meya, say the documents, spent tens of thousands of dollars staying in hotels like the Beverly Wilshire and shopping at Macy's (NYSE:M - News) West.

In April 2003, as Lehman rushed to uncover the extent of the fraud, Fitzgerald and Abrams tried to cover their tracks. With help from employees, the duo wiped business records from their computer hard drives and shifted money among bank accounts, court documents say. The day after a judge ordered their assets frozen, Abrams and Fitzgerald loaded two pickup trucks with photocopiers, computers, boxes and framed pictures, finishing long after midnight, according to building security. Fitzgerald allegedly smashed the hard drives with a sledgehammer in his back yard.

With authorities closing in, there was time for one last spree--in Las Vegas. Along for the jaunt was Shawna Fitzgerald, who later explained to the court that she, too, was married to Charles Fitzgerald and that the couple have a young son. Shawna claimed that she lived with Charles during the week in Hesperia, Calif. and that Meya was his "weekend wife."

In June 2003 Fitzgerald loaded up a U-Haul truck and moving van and sent everything to Salt Lake City, say court documents. He and his family hightailed it out of the country, according to the feds, taking $6,000 in cash and valuable coins. They called Meya's parents after they touched down to tell them they were on a South Pacific island. Abrams, meanwhile, tried to outmaneuver the court, shredding thousands of documents and moving personal belongings out of his Beverly Hills home to a condo across town. He hid his vintage wines and champagnes, worth $240,000, in his secretary's dining room and bought her an air conditioner to keep the collection chilled. When U.S. marshals raided his condo, they found $172,000 in cash hidden in shoes and socks. The marshals told the judge they feared a violent confrontation: They could account for only four of his six guns, and Abrams had told his wife he was going to kill himself.

The feds caught up with Fitzgerald in Samoa in December 2006 and brought him back to face charges of conspiracy, bank fraud and money laundering. Babajian continued doing megadeals, including the sale of a $22 million Beverly Hills home to soccer star David Beckham, until he was indicted, along with Grasso (who has pleaded not guilty), in August on charges of conspiracy and fraud.

The lenders are in a sorry spot. Lehman securitized the loans, sold them to investors--and agreed to buy back the properties in the event of fraud. Out nearly $50 million, it recouped $20 million-plus from RBC Mortgage, which was forced to repurchase some of the loans. The case is, in the scheme of real estate cycles, ancient history, coming to light now only with the prosecutions. What else lurks out there that hasn't been uncovered by investigators?

Quote 0 0

Second Request to Mr "Inside CIA"

Inside CIA wrote:

"Murder is true, suicide not. One does not commit murder

suicide at different spots. Suicide victim was working with

Feds related to Goldman Sachs and Paulsen's relationship

with CBASS and Litton. Litton and Ocwen have CIA black

box ties!"



                        Again Mr "Inside CIA:"

           Do you have any supporting evidence?



Ed Cage  /  /  972-596-4363

Quote 0 0
Oh for Pete's sake.

Here are the facts that we know.

She was murdered. 

His car was found on the bridge.  Look up that bridge on the net.
It is the longest span type bridge.  Cops are looking for a body
in the water.  It is a large body of water.

Those are the facts that police have released.

Everything else is speculation. 

When there are so few facts available; I can't understand why you
guys would square off concerning this incident.

If you want to ruin your credibility, keep on speculating.

I'm through reading this thread.


Quote 0 0

Third Request to Mr "Inside CIA"

Inside CIA wrote:

"Murder is true, suicide not. One does not commit murder

suicide at different spots. Suicide victim was working with

Feds related to Goldman Sachs and Paulsen's relationship

with CBASS and Litton. Litton and Ocwen have CIA black

box ties!"


                        Again Mr "Inside CIA:"

           Do you have any supporting evidence?


If you don't want more tough questions like this that put you

on the hot seat I suggest you don't make any more outrageous

claims like: "Litton and Ocwen have CIA black box ties!"


Earth to (har-har) "Inside CIA": FYI this forum is not a James
Bond movie. You are making a fool of yourself.


     (Plus you have caused poor Dee to have a hissy-fit.)



Ed Cage  /  /  972-596-4363

Quote 0 0

Body of Columbia executive found

Quote 0 0
O -

good find

Quote 0 0

 They found him, Rollie is next////

Quote 0 0
O - Hedge fund fraudster faked death and fled, U.S. authorities say

Quote 0 0
Write a reply...