ARGENT Mortgage - Cleveland Criminal Trial - Jan 9 2012

   MAIN EVENT (Settlement Date?): Monday January 9th, 2012
                                                   TIME:     9:00am
                                                       CRIMINAL "Heavyweight" Fight
                                                       WALL STREET  vs  MAIN STREET
                                                    (Argent Mortgage) vs (Homeowners)

All 13 received Continuances on 11/14/11 for settlement attempts on-going Discovery
The "lucky 13" previously received Continuances on 9/15/11 for on-going Discovery* 
                  *(the Prosecutor was in another court case....and could not attend)Original Art & Graphics provided by PETE GRAFF

                                       "Destruction by Predatory Loans"
Read the true story of how Argent Mortgage ruined an American City in only 3 years !!

OHIO says enough !! - 9 Indicted from ARGENT MORTGAGE

"There was blood on the streets of Cuyahoga County. But it wasn't until there was blood on the streets of Wall Street that anyone cared."
Jim Rokakis - Cuyahogo County Treasure)

'This is going to become an epidemic,' and they sat on their hands. For whatever reason, they didn't act. But if you were looking, the handwriting was on the wall. If you were looking, it was obvious something was wrong."
(Tony Stevenson, a staff attorney with Housing Advocates Inc. in Cleveland)

"All the regulators knew what was going on. Regulators allowed loose lending to keep the economy going."
(Raj Aggarwal, dean of the College of Business Administration at the University of Akron

*All 13 named defendants appeared at pre-trial hearings (July 11th - July 13th). All posted bond and were released per a CONTINUANCE request, of 6 weeks, to complete Discovery. The request was granted and the PRE-TRIAL hearing(s) are scheduled to begin at 9:00am on Thursday August 25th 2011.* Read 68 Page INDICTMENT (HERE)

                           James Sims    Karen Harris     Linda Warner   Gerald Spuzzillo
James "aka Jessie" Sims - Mortgage Broker - Bond set at $ 2,500

Karen Harris - Defendant - Bond - $ 5,000

Linda Warner - Ohio Appraiser - Bond - $ 5,000
Gerald Spuzzillo -Ohio Appraiser -  Bond - $ 2,500

Linda Warner and Gerald Spuzzillo - Ohio Appraisers, were indicted for falsifying appraisals on real estate deals submitted to both Argent and Long Beach Mortgage
Read: Spuzzillo Appraisal Company (GJS) inflated Property values (HERE 7-29-2006)

James Sims - allegedly an OHIO Mortgage Broker is facing multiple counts including Complicity, Aggravated Theft, and Tampering with Records
Karen Harris - is also named in the indictment and faces charges of Engaging in a pattern of corrupt activity, and property forfeiture

                               "ARGENT  9"

                       STEINKUEHLER      PORTER          SCOLA           FORBES

Gerald Steinkuehler - Argent Supervisor - Bond - $ 5,000

Kirk Porter - Argent Underwriter - Bond - $ 2,500

Michael Scola - Argent Account Manager - Bond - $10,000

Terry Forbes - Argent Supervisor - Bond - $ 2,500

                        PASTERNAK      MONGRIOTIS          SHAW           KOBUS

Angela Pasternak - Argent Account Manager -  Bond - $ 2,500

David Mongriotis - Argent Underwriter - Bond - $ 2,500
Deeanne Shaw - Argent Underwriter - Bond - $ 2,500
Denise (O'Brock) Kobus - Argent Account Manager - Bond - $10,000

Erin Foley (Ottaviano) - Argent Underwriter - Bond set at $ 2,500

"[This is] the first time in Ohio and...few instances nationwide that a mortgage fraud investigation has led to CRIMINAL CHARGES against [Argent Mortgage] employees {and} of a sub prime lender. The securitization and selling of these fraudulent, sub prime loans to Wall Street typified the rampant greed of the industry that ultimately led to the financial crisis " said Cuyahoga County prosecutor, Bill Mason

WE WERE WARNED !!  EARLY ON..... Yet - No one did a thing!!!

City's Housing glut allows Mortgage FRAUD to thrive 7-29-2006 - Mark Gillispie

As Decade Dawned signs of Crisis:   9-28-2008 - Roger Mezger

"Argent Mortgage - They ran it like a Boiler Room"  2-4-2005 - L.A. Times
Argent & Ameriquest customers filed more complaints with the Federal Trade Commission (FTC) from 2000 through 2004 than did those of two of its biggest competitors combined

* Information for this story and related postings are taken from public record(s), arrest record(s) and/or unsealed indictment. The named defendants appearing on this blog HAVE NOT been convicted (only arrested).  All are presumed innocent. Do not rely on this blog to make any determination as to any person's actual criminal involvement or criminal record. Opinions and commentary expressed, if any, are solely those of the blog author and have no legal weight or bearing in this or any related case(s). The booking mug shots appear courtesy of bustedmugshot.com, Cuyahoga County Jail or mugshotsonline.com

ARGENT MORTGAGE - Cleveland Criminal Trial - Update !!

                                                         CRIMINAL "Heavyweight" Fight
                                                       WALL STREET  vs  MAIN STREET
                                                    (Argent Mortgage) vs (Homeowners)
                                     Pre-Trial Weigh-In:  9:00am THURSDAY August 25th 2011
Original Art & Graphics provided by PETE GRAFF

                                       "Destruction by Predatory Loans"
Read the true story of how Argent Mortgage ruined an American City in only 3 years !!

OHIO says enough !! - 9 Indicted from ARGENT MORTGAGE

"There was blood on the streets of Cuyahoga County. But it wasn't until there was blood on the streets of Wall Street that anyone cared."
Jim Rokakis - Cuyahogo County Treasure)

'This is going to become an epidemic,' and they sat on their hands. For whatever reason, they didn't act. But if you were looking, the handwriting was on the wall. If you were looking, it was obvious something was wrong."
(Tony Stevenson, a staff attorney with Housing Advocates Inc. in Cleveland)

"All the regulators knew what was going on. Regulators allowed loose lending to keep the economy going."
(Raj Aggarwal, dean of the College of Business Administration at the University of Akron

*All 13 named defendednts appeared at pre-trial hearings (July 11th - July 13th). All posted bond and were released per a CONTINUANCE request, of 6 weeks, to complete Discovery. The request was granted and the PRE-TRIAL hearing(s) are scheduled to begin at 9:00am on Thursday August 25th 2011.* Read 68 Page INDICTMENT (HERE)

                           James Sims    Karen Harris     Linda Warner   Gerald Spuzzillo
James "aka Jessie" Sims - Mortgage Broker - Bond set at $ 2,500

Karen Harris - Defendant - Bond - $ 5,000

Linda Warner - Ohio Appraiser - Bond - $ 5,000
Gerald Spuzzillo -Ohio Appraiser -  Bond - $ 2,500

Linda Warner and Gerald Spuzzillo - Ohio Appraisers, were indicted for falsifying appraisals on real estate deals submitted to both Argent and Long Beach Mortgage
Read: Spuzzillo Appraisal Company (GJS) inflated Property values (HERE 7-29-2006)

James Sims - allegedly an OHIO Mortgage Broker is facing multiple counts including Complicity, Aggravated Theft, and Tampering with Records
Karen Harris - is also named in the indictment and faces charges of Engaging in a pattern of corrupt activity, and property forfeiture

                               "ARGENT  9"

                       STEINKUEHLER      PORTER          SCOLA           FORBES

Gerald Steinkuehler - Argent Supervisor - Bond - $ 5,000

Kirk Porter - Argent Underwriter - Bond - $ 2,500

Michael Scola - Argent Account Manager - Bond - $10,000

Terry Forbes - Argent Supervisor - Bond - $ 2,500

                        PASTERNAK      MONGRIOTIS          SHAW           KOBUS

Angela Pasternak - Argent Account Manager -  Bond - $ 2,500

David Mongriotis - Argent Underwriter - Bond - $ 2,500
Deeanne Shaw - Argent Underwriter - Bond - $ 2,500
Denise (O'Brock) Kobus - Argent Account Manager - Bond - $10,000

Erin Foley (Ottaviano) - Argent Underwriter - Bond set at $ 2,500

"[This is] the first time in Ohio and...few instances nationwide that a mortgage fraud investigation has led to CRIMINAL CHARGES against [Argent Mortgage] employees {and} of a sub prime lender. The securitization and selling of these fraudulent, sub prime loans to Wall Street typified the rampant greed of the industry that ultimately led to the financial crisis " said Cuyahoga County prosecutor, Bill Mason

WE WERE WARNED !!  EARLY ON..... Yet - No one did a thing!!!

City's Housing glut allows Mortgage FRAUD to thrive 7-29-2006 - Mark Gillispie

As Decade Dawned signs of Crisis:   9-28-2008 - Roger Mezger

"Argent Mortgage - They ran it like a Boiler Room"  2-4-2005 - L.A. Times
Argent & Ameriquest customers filed more complaints with the Federal Trade Commission (FTC) from 2000 through 2004 than did those of two of its biggest competitors combined

* Information for this story and related postings are taken from public record(s), arrest record(s) and/or unsealed indictment. The named defendants appearing on this blog HAVE NOT been convicted (only arrested).  All are presumed innocent. Do not rely on this blog to make any determination as to any person's actual criminal involvement or criminal record. Opinions and commentary expressed, if any, are solely those of the blog author and have no legal weight or bearing in this or any related case(s). The booking mug shots appear courtesy of bustedmugshot.com, Cuyahoga County Jail or mugshotsonline.com.

OHIO says enough !! - 9 Indicted from ARGENT MORTGAGE

UPDATE (6) (latest) New charges filed against some (HERE)
Others may be "singing" in an attempt to negotiate settlements !
NEXT court date: Trial scheduled for Monday 1-09-2012

UPDATE (5) discovery delays & legal Jiu Jitsu delay 10-13-11
trial (re-scheduled to 11-14-11) be continued until January 9, 2012

UPDATE (4)  Pre Trial continued until Thursday 10-13-11

UPDATE (3)  Pre Trial continued until Thursday 9-15-11

UPDATE (2)  Pre Trial re-set for Thursday 8-25-11

UPDATE (1)  13 Arraigned in Cleveland Ohio 7/7/2011 - (CLICK HERE)

Bill Mason*

"[This is] the first time in Ohio and...few instances nationwide that a mortgage fraud investigation has led to CRIMINAL CHARGES against [Argent Mortgage] employees {and} of a sub prime lender. The securitization and selling of these fraudulent, sub prime loans to Wall Street typified the rampant greed of the industry that ultimately led to the financial crisis " said Cuyahoga County prosecutor, Bill Mason.

The City of Cleveland, through prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force, handed down 9 indictments to former employees of the now defunct lender. Three (3) Argent "Account Executives" helped coach independent Mortgage Brokers (Dale Adams, Nick Myles, and James Sims) located in Northeast Ohio with creating mortgage applications that would be approved by 2 Supervisors and 4 Underwriters all working in concert from Argent's Rolling Meadows office located in Chicago.

The following defendants were employed by Argent Mortgage Company:

Denise (O'Brock) Kobus - Argent Account Manager

Michael Scola - Argent Account Manager

Angela Pasternak - Argent Account Manager

Terry Forbes - Argent Supervisor

Gerald Steinkuehler - Argent Supervisor

Dee Anne Shaw - Argent Underwriter

Kirk Porter - Argent Underwriter

David Mongriotis - Argent Underwriter

Erin Foley-Ottaviano - Argent Underwriter

Linda Warner and Gerald Spuzzillo - Ohio Appraisers, were indicted for falsifying appraisals on real estate deals submitted to both Argent and Long Beach Mortgage

ARGENT MORTGAGE came out of nowhere and quickly became Cleveland's #1 lender (2004) while originating over 10,000 loans in just a three year span (2002-2005)

This Orange County California headquartered mortgage company made BILLIONS in profits created from high-risk and sub-prime loans which they peddled to inner city Cleveland homeowners. Now - seven years after ARGENT MORTGAGE became #1 lender in Cleveland - street after street of local neighborhoods are lined with blighted and abandoned homes. Entire communities have been wiped out!

The high-profile mortgage company sponsored Indy Car driver - Danica Patrick.

        

WE WERE WARNED !! Yet...No one did a thing!!!

SHOCKING, STUNNING, and ACCURATE predictions are quotes from a now almost 3 year old (2008) article (linked below):

"We called it early... Nobody listened,"There was blood on the streets of Cuyahoga County. But it wasn't until there was blood on the streets of Wall Street that anyone cared."
(Jim Rokakis - Cuyahogo County Treasure)

'This is going to become an epidemic,' and they sat on their hands. For whatever reason, they didn't act. But if you were looking, the handwriting was on the wall. If you were looking, it was obvious something was wrong."
(Tony Stevenson, a staff attorney with Housing Advocates Inc. in Cleveland)

"Regulators allowed loose lending to keep the economy going. All the regulators knew what was going on."
(Raj Aggarwal, dean of the College of Business Administration at the University of Akron)

For years the city of Cleveland had been WARNING the "asleep-at-the-wheel" State and Federal regulators of what was to come.  Home prices become so outrageous in value, that during a 6 year period, median home prices (in Cleveland) rose 56%, according to county real estate records, while the city's population dropped 4% ...during this same period. It didn't make sense!

*The case involves 100 properties in Cuyahoga and Summit counties that were financed with nearly $13 million in Argent loans and sold by Uri Gofman, the owner of Cleveland-based Real Asset Fund, one of his companies. The new investigation grew out of a Cuyahoga County case being prosecuted against Uri Gofman, who was indicted in August 2008, in Cuyahoga County Common Pleas Court, for his role in what was then said to be one of the biggest mortgage fraud schemes in U.S. history. It is said to involve 453 homes purchased with $44 Million in FRAUDulent loans and $31million in siphoned profits.



Related Links:

As Decade Dawned signs of Crisis:   9-28-2008 - Roger Mezger

*Former Employees of Sub-Prime Lender Indicted:  6-23-2011 - Mark Gillispie