Daniel Sadek - Founder of "Quick Loan Funding" (Subprime Lending)

By
Services for Real Estate Pros with Property Services & Short Sale TC

Now this is spreading yourself thin... 

 

Daniel Sadek owes money to county tax collectors, banks and even billionaire founder of Oakley.

Financial troubles continue to mount for Daniel Sadek, a subprime lending company founder, who by The Register once profiled Mr. Sadek as the "high roller of home loans."  Quck Loan Funding, Sadek's Southern California subprime lending company, wrote over $4 billion in mortgages from 2002 to 2007.  Sadek's lending and escrow license was revoked in late 2008 by the California Department of Corporations.

Daniel Sadek, a Lebanon born entrepreneur, started in the US as a gas station employee followed by working at 7Eleven and then became a very successful car salesman.  There he sold everything from American cars and ended at Fletcher Jones Mercedes Bentz (the #1 Mercedes dealership in the US) in the luxury Newport, CA.  Within 2002 he established his subprime lending company and with the funds made and funded a movie called Redline for $26 million.

The county records show Sadek missed the Dec. 10 deadline to pay $88,278 in property taxes for four homes in Orange County and that he owes an additional $43,709 in taxes on equipment leased for his defunct company, Quick Loan Funding, which shut its doors in August.  In addition to a rash of lawsuits by Quick Loan's ex-employees and borrowers, Sadek, 39, is being sued by Wells Fargo for failing to repay a $500,000 personal line of credit.

Documents in the Wells Fargo lawsuit show Sadek's debts include $5 million owed to billionaire James Jannard, the founder of Foothill Ranch-based Oakley, the sunglasses maker. Sadek used homes in Newport Coast and Las Vegas as collateral. County records show Sadek borrowed an additional $2.5 million from Jannard using a third property as collateral - for a total of $7.5 million owed to the Oakley magnate.

Jannard, who lives on an island in Washington's Puget Sound, could not be reached for comment. Last June, he sold Oakley for $2.1 billion to Italian eyewear maker Luxottica, but remains on Oakley's staff as "chief mad scientist."

Jannard's loans to Sadek are listed as "third trust deeds," which means the Oakley founder would be third in line to collect if Sadek defaults. Records show Jannard made all $7.5 million in loans to Sadek on the same day, May 4, 2007, around the time Sadek's finances were collapsing as the subprime industry melted down and "Redline," the action movie he bankrolled for $33 million, bombed at the box office.

In April and May, Sadek allegedly used funds from his Platinum Coast Escrow company for $1 million in gambling markers at Las Vegas casinos, according to California Department of Corporations, which moved to revoke Sadek's finance license. That case is also pending.

In the Wells Fargo lawsuit filed in Orange County Superior Court in November, Harry Ashmore, a vice president and loan officer, accused Sadek of taking out multiple loans on his properties to shelter his assets from creditors.  In a court declaration, Sadek scoffed at claims he sought to put assets out of reach of creditors. "Personally, I am insulted by his unsubstantiated accusations," Sadek said of Ashmore. "Mr. Jannard, the founder of Oakley, loaned me a substantial sum of money as well as Mr. Bishop."

Mark Bishop, the former president of Quick Loan Funding, has a second trust deed for $3 million on an undeveloped piece of property Sadek owns in Crystal Cove. Taxes on that piece of land, with an assessed value of $7.2 million, were paid in December.

County records show Sadek is delinquent on taxes for two homes in Newport Coast, an Irvine home and an Irvine high-rise condo. On his main home in Newport Coast, Sadek owes a total $6.29 million - $2.59 million to Wells Fargo, $1.2 million to Mortgage Electronics and $2.5 million to Jannard.

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Tags:
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Anonymous
Stephany..I also worked at QLF..AND?????

HATERS!!! HATERS!! HATERS!! Most of you worked 4 HIM and u can still sit here and talk shit..How stupid...He did it once & he can do it again and again if he wants to :) Stop HATING!!! HATERS!!!

Oct 06, 2009 04:39 PM #49
Anonymous
Karma

JAN
30
 

I was Daniel Sadek's Assistant at one time and after reading all of this all I can say is I am not surprised. Like others have stated who have also worked for him, he was really great one moment and then fly off the handle. Never to me but after seeing his bi-polar state I was scared at times that he would yell at me too. He warned me and asked me will I be able to handle his yelling. I told him I can take it. Who even has to tell a potential employee that? I stuck around longer than I should have. Everyone was always on eggshells when he was around.

"What goes around comes around"...Hard! Karma is a Bitch!!!!

I do feel somewhat sorry for him because of his daughter who I actually spent quality time with and shared a birthday with and is also the same age as my youngest son. No innocent child deserves to be pulled into something this devastating...Very sad!

 
Karma
 
12:32am • #15
FEB
08
 

Karma:  You're a liar, go get a life.  I was his REAL assistant for some time and still will defend him even though I have parted ways.

I hope your burn in hell for defacing somebody that you dont know.

 

 
A1


A1 - Wow! Such anger. I honestly feel sorry for. I was also his REAL assistant just so you know
with proof too.

FYI! I don't think you realize how long he was in business and how many assistants he went
through until I was hired. Before me there were at the very least 10 assistants who were sexually
harassed by him and one even sued him for it for a million dollars, Just So You Know!

I did not deface him as you called it. No where in my post did I deface him. I even stated that he was
never mean to me, if you would have read it completely. I merely stated the truth. I don't think you
knew him because there isn't one person who knew him wouldn't have said the same thing I have said.
Everyone who actually knew him for real knew that he has a quick temper. I only stated pure facts
not false statements like so many have.

If one does not lie and cheat then they will never get caught plain and simple. 

HATERS!!! HATERS!! HATERS!! Most of you worked 4 HIM and u can still sit here and talkshit..How stupid...He did it once & he can do it again and again if he wants to :) Stop HATING!!! HATERS!!!

 
Stephany..I also worked at QLF..AND?????


Wow! Calm down sweetie...This is just a message board. Obviously, no one works for him anymore 
because of his fraudulent lending and most people left because of what he was doing just so you
know. Only the people who are on his side are the ones lying and cheating along with him.

11:39pm • #53
  

 
12:59am • #16

Dec 09, 2009 11:59 AM #50
Anonymous
Jenn

Mr Sadek has made the news yet again. It sounds like he owes someone money and they're coming after him (just my take on it. There's no way that 1) his Mercedes catching fire in the driveway and 2) the home invasion/robbery are unrelated both to each other as well as to someone he owes money to). Just sayin'

http://www.ocregister.com/news/newport-223331-arrested-viejo.html

Dec 09, 2009 12:02 PM #51
Anonymous
Karma

Mr Sadek has made the news yet again. It sounds like he owes someone money and they're coming after him (just my take on it. There's no way that 1) his Mercedes catching fire in the driveway and 2) the home invasion/robbery are unrelated both to each other as well as to someone he owes money to). Just sayin'

http://www.ocregister.com/news/newport-223331-arrested-viejo.html

 
Jenn


I knew the second they showed this story on the news today that it had to be his house that they got to. I knew for sure when they showed his gated community and then his house then I knew 100% it was him...scary! Sometimes my intuition is right on...

Dec 09, 2009 06:46 PM #52
Anonymous
mike m

Daniel is a personal friend he is now in the solar industry, he bankrupted Quick Loan and Walked away with $30 million even after taking the hit in redline.

 

The guy is now cashing in on the solar craze. the money he owes will not be paid back he stashed a lot of money in the cayman islands and swiss bank accounts. The jealous college grads on here that are now working at starbucks are that just jealous because this 3rd grade educated immigrant hoodwined them out of their money even though it was purely legal

Dec 13, 2009 02:59 PM #54
Anonymous
Just Be

MAY
09
 

Those who brought up his daughter...SHAME ON YOU! SHAME ON YOU to involve a sweet

young girl who has no involvement in this.

 
Anom S.


The one who did bring up his daughter didn't say anything wrong except that she/he feels sorry
for her...Shame on you jumping to conclusions to someones post. Seriously, everyone here
takes peoples comments and twists them into more.
 
4:17am • #41

Dec 13, 2009 06:23 PM #55
Anonymous
lexington

Top of the shit pile of overleveraged mortgage fraudsters.  Now he is sinking into that pile and is neck deep.  It is obvious that he is trying to shield assets by lines of credit he renigs on backed by collateral in the properties he collected at the peak of his excess. The second and third in line are left high and dry when the property is shed.  He is now making enemies that can only be paid in blood.   He has gone from bilking the system to ripping off individuals like the Oakley sunglasses magnate.  But these schemes come at a higher price tag; he is giving motive for homocide.  His drug and gambling connections have reared its ugly head in the home invasion.  I am sure he is only alive because those he dealt with want him to pay and a dead man pays no debts.  This obnoxious cologne soaked foreigner will be lucky if he makes it to prison for what he has done. 

And Mike M.  I am sure a forensic accountant federal, state, and local tax authorities would be very interested in your statement that he has placed assets offshore.  You are a great pal.  Thanks for the tip.  I will be sure to forward it to the authorities.

Dec 15, 2009 12:59 AM #56
Anonymous
Another Victim

I too worked for Daniel and he owes me a lot of money as well. I'm my experience of working for a few of his many companies I found that he is pompous and self absorbed. He's doesn't worry about repaying his debts until his reputation is being smeared. Then he scurries to prove that he is a good guy so others wont think poorly of him. He has his moments when he can be charming and caring, but for the most party he always has his best interestin mind and is heartless when it comes to screwing people over. He spends his time flaunting his money and reputation and indulging in daily sins. He is a shady business man and has a horrible reputation throughout Orange County. Even my hair stylist had a bad experience with him!!! What a small world. Or maybe he has just screwed over that many people! What many people don't know though is that he is deeply depressed and troubled by his debts. I guess what goes around comes around.

Dec 16, 2009 02:01 PM #57
Anonymous
Hatem

I met Daniel this past summer in while visiting OC. I had some good Lebanese food at his restaurant and even took flight with him to Vegas for a weekend and even visited his beautiful Vegas condo.

I will not pass any judgment or praise Daniel as I don't know him all too well. However, I would like to state the facts as they are and they happened. All this talk about what kind of education he had and fact he used to sell cars is all irrelevant to what happened at QLF.

In 2002, Daniel started QLF with main focus on subprime loans (so far so good, nothing wrong there). At same time, the Federal Reserve Bank with Alan Greenspan at helm was lowering interest rates at an unprecedented rate. This caused the the huge demands for homes and the subsequent rise in real estate prices as demand sky rocketed. Daniel happened to be at right time and place at that time and did what any reasonable business man would do. He took advantage and ramp up his services. At same time, the large investment houses like Bear Stearns, Citibank, Merrill Lynch and many others jumped on the band wagon and started to package many of these subprime loans along with top prime long and with help of their friends at rating agencies such as Moody's, Fitch and S&P who gave these new securities their stamp of approval with AAA rating, allowing the investment houses to sell these securities to the world. This made banks hungrier for these loans and they went to people like Daniel and Daniel obliged. (So far I don't see what wrong he did) so Daniel was in middle of this most amazing boom story of our times. He did not create it but merely benefited from it legally. Now I am assuming he or QLF did not falsify any documents to get loans approved, now that's criminal and would make Daniel liable.

We all know what happened next, the real estate market collapsed and along with QLF and many others including the investment houses mentioned above. So now, all of a sudden, everybody started focusing on Daniel's private life and along with it, came questions like: how dare he buy all these exotic cars and all these beautiful homes and how dare he try to make a movie and how dare he live the life of a rich and young bachelor. He borrowed money when times were tough hoping to get back on his feet but the tidal wave was much more powerful than him so now like many Americans is in debt on his level and scale. So what if he owes say 10 MILL now, he was once making that in 1 quarter. Take any average person who makes 70K a year and now owes 20K....big deal!

Regardless of whether he spent money remodeling his house or he likes parties and gambling. He was able to afford it at time and the rich billionaire investors who lent him this money knew that very well. They felt he could repay it and they were wrong so this is USA..Take the good and bad........

 

He played the system of this great nation called USA tp perfection......he made mistakes and is paying for them, rest is system of greed fault.........

Jan 02, 2010 12:24 AM #58
Anonymous
Snakeman

My two best friends worked at QLF for over a year.  One of them became very close with Daniel and his bodyguard (Ben).  Me friends took me to their X-Mas party at his club Tentation in Irvine, everyone was wearing suits and decked out and Dainiel was wearing torn jeans with a bright pink t shirt and a bright pink beanie to match.  What a homo.  I don't care what anyone says I know first hand that QLF was working hand and hand with appraisers to inflate the prices of homes so people could qualify for the loans.  He is definitely responsible for a huge portion of the economic downfall.  SHITHEAD!!!!!! 

Feb 02, 2010 10:55 AM #59
Anonymous
alex sadek
You guys need to leave daniel/mohammed alone... Im reading everyone's post about all these people working back at starbucks? For all the former ex employees on this post. Most of you know you doing that when daniel or someone met you too.  Call him what you want to but he changed alot of lives.. What he did with the Real Estate Market in SoCal was help alot of unfortunate people out. (Within the grey area the major of mortgage lenders were in too).Whether you worked for him (you know who you are) or he did a loan for you when 20 other places turned you down. One thing is for sure you got some money in your hands quick. Look at Ameriquest, Quicken Loans etc. they hate because they didnt come up with the same sales niche'. Stop hatin and let Mohammed be. Disgruntled ex employee (never hatin)
Feb 25, 2010 11:34 AM #60
Anonymous
old QLF Employee

WOW WOW WOW speechless at reading these posts. I worked there for over a year in Irvine and in Costa Mesa. Did He have a temper? yes at times but most people under stress and so many damn empolyees are bound to get upset when things arent done properly. It was wonderful working at QLF I actually miss it and would gladly work for him again. I also worked with Alex and they are both very kind and giving individuals. People dont know how many checks he would write to help solve an employees problem who maybe asked him for help. Or maybe pay a friends hospital bill who had cancer and was unable to work. If it was within his power to help you and it was a reasonable request he would help you if you were a loan officer for him or a receptionist. Did he have a lot of assitants? Yes but each one I met enjoyed all the perks that came with working for him. It is very sad what has happened to his beloved Quick Loan and that people are judging his personal character. Even if it wasnt another mortgage company, whatever he is doing now i know he is making sure his employees are taken care of. When it was good it was good and when he could afford to lavish us with Plasmas and digital cameras for a company party he did and if he couldnt afford it he didnt. Wish QLF was still around!!!!

Mar 12, 2010 07:32 PM #61
Anonymous
Seymour

The Orange County Register some "reporter" John Gibblestein or something like that made an aszz of himself criticizing Sadek for immigrating with an elementary school education and starting out pumping gas to eventually rise to CEO of QuickLoan. Gibbleshutz is clearly heard complaining about the fact Sadek "doesn't even have an MBA..."

Why would anyone criticize Sadek or someone else for succeeding against those odds ?

Either Orange County is stupid elite and Gibblewhatz is another birth defect of...and or Gibblenut is envious.

No wonder California is an economic toilet when the OCRegister and people like them are in control of the establishment.

Jun 10, 2010 03:24 AM #62
Rainmaker
185,526
John Kim
Property Services & Short Sale TC - Irvine, CA

So it's been a couple of years since this posting has been up and I have to say, WOW.  There seems to be a lot of opinions on Mr. Sadek.  What he did may or may not have been ethically right but that up to you to decide for yourself.  Moreover, as for the law that's up to the courts so I'll just leave it at that.

As large as Southern California may be the real estate circle is somewhat small so I had the opportunity to have met the man on several occasions.  And it seems when our paths have crossed during social events he was a very nice person to speak with.  If memory servers me correct I believe we did speak lightly about both business and the real estate industry and he seems to be very knowledgeable in both aspects.  Personally I don't know how he conducted his business but I do know some of his past employees and of course they have told me stories.  And that's what they are, just stories. I wish the guy good luck and his family well and knowing this industry I'm sure I'll see him around.

That's my grain of salt...

Jun 16, 2010 10:30 PM #63
Anonymous
Robert

so where is Mr. Sadek now? Somebody pls let me know. I need a job and want to work for him!

i will do anything gladly!

Jul 28, 2010 07:29 PM #64
Anonymous
Yuu Seen Mee

Mr. Sadek,

Show me how to do it without being a psychopath! Please!

Jul 29, 2010 02:51 PM #65
Anonymous
Anonymous

john kimchee shutup you chank

Aug 22, 2010 03:54 PM #66
Anonymous
joe bekassini
Daniel sadek will be back soon and much better than before :)
Mar 16, 2014 03:53 AM #68
Rainmaker
185,526
John Kim
Property Services & Short Sale TC - Irvine, CA

REPLY TO: Joe Bekassini

I believe that may be true as well, however here he is as of 2013.

"I MET THE PREDATOR ZERO IN A BAR IN BEIRUT" by hannah_lucinda_smith@yahoo.co.uk in her WordPress site.

Mar 16, 2014 06:31 AM #69
Rainer
1,045
joe bekassini

he is back to the states and doing great in his new business loan company :)

Nov 21, 2014 06:10 AM #70
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