The Securities and Exchange Commission announced charges Tuesday against three senior executives from the now-defunct Thornburg Mortgage, accusing them of fraudulently overstating the company's income by over $400 million ahead of its bankruptcy. Thornburg filed for bankruptcy in May of 2009, felled by heavy losses associated with the subprime mortgage crisis. At the time, it was the seventh
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Mortgage execs charged with accounting fraud
Posted by mortgage 69 days ago (Editorial)
Accounting Firm Sued for $7.6B, Accused of Missing Lender Fraud
Posted by mortgage 238 days ago (Editorial)
Deloitte Touche Tohmatsu Ltd , the world?s largest accounting and consulting firm, was accused Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash. A trust ?
Home Lending Source Selects Advantage Systems? Accounting for Mortgage Bankers
Posted by mortgage 301 days ago (Editorial)
Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, today announced that Miami-based Home Lending Source has selected its Accounting for Mortgage Bankers system to support the lender?s mortgage accounting needs.
SEC Charges Ex-Countrywide CEO Mozilo with Fraud (SmartPros Accounting)
Posted by mortgage 1070 days ago (Editorial)
June 5, 2009 (Associated Press) WASHINGTON - Angelo Mozilo, the man who rode the housing boom to build Countrywide Financial Corp. into a California colossus of high-risk mortgage lending, has been charged with civil fraud and illegal insider trading by federal regulators who accuse him of deceiving shareholders and profiting on confidential information.
Citi settles Nikko Cordial accounting lawsuits (The Japan Times)
Posted by mortgage 1070 days ago (Editorial)
Citigroup Inc. said Wednesday it has settled a lawsuit against three former executives of subsidiary Nikko Cordial Corp., ending a two-year court battle stemming from an accounting scandal at the firm. Citigroup settled with Junichi Arimura, the former chief executive officer of Nikko Cordial, and two other former managers, on June 10, according to Nikko Citi Holdings Inc. spokesman Yoshito ...
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