The Financial Scams and Indictments Keep Coming!

Bruce Bierhans

Attorney
(866) 735-1102 Ext 540

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Today, The Massachusetts AG, Martha Coakley indicted a number of individuals in yet another mortgage scam scheme. Apparently, these individuals, employees of a number of banks, engaged in "income falsification" to procure loans for people that did not otherwise qualify.

On the same day, a piece in the Wall Street journal dealt with claims by the Mass. Secy of State, William Galvin, and his allegations that brokers dumped bad Auction Rate Securities (ARSs) on their unknowing investors.

Our office has been actively involved in handling cases in both of these areas for some time. We have litigated Predatory Lending Cases and presently have submitted consumer protection demands on behalf of clients that were victimized by brokers selling them ARS investments with the promise that they were "liquid" and "as good as cash."

There seems to be no end to the scams. However, at least law enforcement officials are beginning to take steps in the criminal arena to hold these firms and individuals responsible for the damage they have caused to our economy and to individual homeowners and investors.