“Here’s some good news, unless you work for the SEC. The U.S. Securities and Exchange Commission dropped the last two remaining civil fraud charges in a long-running federal case against Larry Goldstone and Clarence Simmons, former executives of Santa Fe-based Thornburg Mortgage…

…This has been going on for nearly eight years since the firm went bankrupt in 2009. Remember that last June a U.S. District Court jury in Albuquerque found in favor of the two Santa Fe residents on five fraud counts and failed to reach a verdict on five other charges, including the central claim that the men had filed a false financial statement inflating the company’s income. And the SEC dropped three of those charges in September, and a retrial for two final charges was set to begin later this month – one claim that Goldstone and Simmons had misrepresented information to auditors, and an additional claim against Goldstone that he had made a false statement to investors. Goldstone, the firm’s former CEO, and Simmons, the former chief financial officer, were accused by the SEC in March 2012, along with chief accounting officer Jane Starrett, of trying to hide the company’s deteriorating financial condition, including an allegation that they schemed to overstate the company’s income by more than $420 million in 2007. The SEC began investigating the case in 2008.”, Excerpt from February 6, 2017 Mortgage Industry Newsletter

“Once again, the government’s false narrative “that greedy and reckless bankers caused the financial crisis by fraudulently forcing people to take out mortgage loans and then lying (using fraudulent securities disclosures) to sophisticated investors, so they could sell/securitize them” is not proven (despite the very low, legal bar required to prove civil securities fraud) and to my knowledge has never been proven. It has never been proven, because it is just not true. It is a false, political, liberal, anti business, anti American narrative…..just like the false liberal narrative about cops or the false liberal narrative that President Bush lied about WMD’s and got us into the Iraq War. p.s. Think about how long these Thornburg guys had to fight these serious civil allegations? Talk about cruel and unusual punishment and being deprived of their Life, Liberty and Pursuit of Happiness for years! This is exactly why my attorneys advised me to settle with the un-American and abusive Obama SEC, with no admission of wrongdoing, on one B.S. allegation…to be done and have the SEC agree to accept all the Court’s decisions for me, without appeal.”, Mike Perry, former Chairman and CEO, IndyMac Bank

Posted on February 8, 2017, in Postings. Bookmark the permalink. Leave a comment.

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