Author Topic: Time for some proper due diligence/ independent auditing in our communities  (Read 219712 times)

Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1160 on: December 17, 2023, 12:20:06 AM »
Employer?

What does that question mean? Makes no sense.
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Online Euclid

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1161 on: December 17, 2023, 12:21:43 AM »
What does that question mean? Makes no sense.
He specified that no *employee* was wearing a wire, leaving open the possibility that the big boss was.

Offline DaasTora

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1162 on: December 17, 2023, 12:21:49 AM »
What does that question mean? Makes no sense.
They might have forced someone on top to do that for a plea deal etc.
What part didn’t you understand?
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Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1163 on: December 17, 2023, 12:32:03 AM »
He specified that no *employee* was wearing a wire, leaving open the possibility that the big boss was.

The boss would wear a wire to implicate his own company?
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Offline DaasTora

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1164 on: December 17, 2023, 12:38:20 AM »
The boss would wear a wire to implicate his own company?
Maybe he’s trying to save his implicated company?
It’s all theoretical since the response was no.
“In G-d we trust; all others must bring data”
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Offline dealfinder11

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1165 on: December 17, 2023, 08:30:39 AM »
It’s all theoretical since the response was no.

Exactly. Speculating on the theoretical in this scenerio is particularly concerning as the "big boss" is an extremely generous supporter of many institutions. The rumor is regarding someone outside the firm. Carry on.

Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1166 on: December 17, 2023, 08:33:42 AM »
Maybe he’s trying to save his implicated company?

That makes no sense. Unless the bigger fish to fry would be a bank going down, in which case the Meridian suspension wouldn't really make sense.
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Online Euclid

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Time for some proper due diligence/ independent auditing in our communities
« Reply #1167 on: December 17, 2023, 08:36:00 AM »
That makes no sense. Unless the bigger fish to fry would be a bank going down, in which case the Meridian suspension wouldn't really make sense.
lol and this is how rumors start. Let it go

Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1168 on: December 17, 2023, 08:42:37 AM »
lol and this is how rumors start. Let it go

My point is that it makes no sense, I'm the last person trying to stat a rumor here.
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Online avromie7

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1169 on: December 17, 2023, 08:51:55 AM »
My point is that it makes no sense, I'm the last person trying to stat a rumor here.
Someone hinted that something shocking happened, so someone made a guess as to what it may be. Why are you sitting here picking apart the guess?
I wonder what people who type "u" instead of "you" do with all their free time.

Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1170 on: December 17, 2023, 08:56:01 AM »
Someone hinted that something shocking happened, so someone made a guess as to what it may be. Why are you sitting here picking apart the guess?

I wasn't replying to someone who hinted, I was replying to someone who made an inference that doesn't make sense.
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Online jye

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1171 on: December 18, 2023, 12:23:05 AM »
Lotta rumors flying around. Don't feel comfortable stating them as i have not confirmed them. But wowzers.
Seems like a real headache and substantial legal fees being incurred at a large company (not Meridian) in connection with the above.

Offline UKinNYS

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1172 on: December 18, 2023, 11:16:06 AM »
false or non arms-length contracts (ie. internal flipping) to create higher purchase price is open fraud but somehow ppl still think they can get away with it.
https://www.justice.gov/opa/pr/real-estate-investor-pleads-guilty-165m-mortgage-fraud-conspiracy

Online jye

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1173 on: December 18, 2023, 11:56:20 AM »
Unfortunately the guys who delude themselves that they will get away with it forever. In a rising market when there is no reason for the lenders to look back at the loans they just might. Then comes the downturn.

A guy I know had broker bring in a couple of guys who were willing to pay above asking on a multi million dollar deal on one condition. That the official purchase price would be 25% over the real purchase price. The seller walked out of the room and never looked back.

Offline DaasTora

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1174 on: December 18, 2023, 12:04:45 PM »
false or non arms-length contracts (ie. internal flipping) to create higher purchase price is open fraud but somehow ppl still think they can get away with it.
https://www.justice.gov/opa/pr/real-estate-investor-pleads-guilty-165m-mortgage-fraud-conspiracy
Some syndicators do this way too often…..
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Online yelped

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1175 on: December 18, 2023, 12:05:11 PM »
false or non arms-length contracts (ie. internal flipping) to create higher purchase price is open fraud but somehow ppl still think they can get away with it.
https://www.justice.gov/opa/pr/real-estate-investor-pleads-guilty-165m-mortgage-fraud-conspiracy
Did MTA and RA do something wrong here, or were they duped, too? Are they liable/held responsible for this? Did they commit a crime?

Offline UKinNYS

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1176 on: December 18, 2023, 12:12:23 PM »
100% every downturn banks and regulator look for a few scapegoats to make an example, unfortunately its more prevalent than we'd like to believe and as per title of this thread there need to be more awareness of what constitutes fraud and what the potential consequences are.
 
Unfortunately the guys who delude themselves that they will get away with it forever. In a rising market when there is no reason for the lenders to look back at the loans they just might. Then comes the downturn.

Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1177 on: December 18, 2023, 12:14:00 PM »
Did MTA and RA do something wrong here, or were they duped, too? Are they liable/held responsible for this? Did they commit a crime?

Do they have an obligation to do due diligence on the loan and its underwriting? My understanding is that their role is to facilitate title transfer and closing.
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Online AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1178 on: December 18, 2023, 12:16:12 PM »
100% every downturn banks and regulator look for a few scapegoats to make an example, unfortunately its more prevalent than we'd like to believe and as per title of this thread there need to be more awareness of what constitutes fraud and what the potential consequences are.

Especially since they are many grey areas and when this is someone’s bread and butter business and the cutting corners is mainstream (e.g. subprime mortgage shenanigans in 2007, and those are a continuum too) then it’s not so simple.
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Offline UKinNYS

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1179 on: December 18, 2023, 12:16:33 PM »
correct
My understanding is that their role is to facilitate title transfer and closing.