Today's story on Asbury Park Press is a good read for those of you wondering, just how absurd banks were acting at the height of the recent housing boom.
Meet David Findel, a former high-net worth CEO of a Marlboro, NJ based Worldwide Financial Resources. Just a few days ago, Mr. Findel pleaded guilty for "bilking mortgage lenders out of more than $11 million to fund a lavish lifestyle through wire fraud."
Findel told the Judge that after selling an original loan to a third-party lender, he would crete a second set of mortgage documents for the same property to sell to another third-party lender. This money from the second mortgage loan would be pure profit for David, so that he can maintain his lavish lifestyle, which included:
- An $8,000,000 property in Colts Neck, NJ, which happens to be currently listed for sale. Per the listing, the features include: "1/4 mile of paver driveway,Wine Cellar, Exercise Rm, Sauna Rm, Beauty Salon/Barber Shop, Card Rm, Maids quarters,marble baths,home theater. Featured in MTV video and Major Movie."
- $400,000 for 2 seats at the new Meadowlands stadium
- Exotic travel and other sexy perks.
He now faces 20 years in federal prison and is scheduled to be sentenced early January 2011.
What do you think? Did he get caught with a hand in a cookie jar?
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