Mortgage-backed Ponzi

Discussion of various forms of Advance Fee Fraud, including application fees for loans that never materialize, self-liquidating loan scams, as well as mortgage elimination scams and related debt elimination scams [Nigerian-type scams should go in the Nigerian 4-1-9 forum]
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Cathulhu
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Mortgage-backed Ponzi

Postby Cathulhu » Fri Feb 10, 2012 7:07 am

Beats me how I missed this one until now:

http://seattletimes.nwsource.com/html/b ... ian10.html

bottom line for promoter: 18 years.
Goodness is about what you do. Not what you pray to. T. Pratchett
Always be a moving target. L.M. Bujold

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Thule
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Re: Mortgage-backed Ponzi

Postby Thule » Mon Mar 26, 2012 7:51 am

Drive by spam in three, two...

(edit; OK, this post looks a bit weird with the spampost gone)
Last edited by Thule on Tue Mar 27, 2012 7:33 am, edited 1 time in total.
Survivor of the Dark Agenda Whistleblower Award, August 2012.

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Kestrel
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Re: Mortgage-backed Ponzi

Postby Kestrel » Mon Mar 26, 2012 2:34 pm

We've seen it before, we'll see it again. Berg is just another idiot fraudster who couldn't keep his fingers out of the cookie jar. He was unsatisfied with the golden eggs the goose laid, so he killed the goose too. And with it he stole the dreams and life's savings of innocent people.

What really rubs me the wrong way is Berg's sentencing statement.
Unremorseful scum wrote:Berg, 49, addressed the courtroom audience of investors and his family in a five-minute monologue that was both contrite and defensive, occasionally smiling and occasionally choking up as he acknowledged "the horrific mess that I've made."

[snip]

"Did I run a 10-year Ponzi scheme and defraud you for 10 years, or did I run a legitimate business and then defraud you?" he asked, declaring that it was the latter.

As if that makes a difference to the financially devastated victims...
"Never try to teach a pig to sing. It wastes your time and annoys the pig." - Robert Heinlein


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