Time for some proper due diligence/ independent auditing in our communities

[WayBackMachine]

The issues facing the above companies and the commercial real estate scene in general have the potential to negatively impact Lakewood in a significant way. Everthing from timely tuition receipts for schools, to the kollel check, to the middle to upper class spending that drives Lakewoods economy (and has a multiplier effect as money is spent within Lakewood by prosperous Lakewood business owners) has the potential to be impacted by the outsized role CRE has played in Lakewood over the last decade or so. Many who think they are far outside the sphere of CRE would be surprised to hear that their parnassa is in some way linked.

just to add, parnasa is from the one above

[AsherO]

Could somebody post which group this is? L'toeles harabbim

That name is already reserved for a “credit card application gemach”

[AsherO]

just to add, parnasa is from the one above

Indeed, but bderech hateva there’s risk involved with most of the gvirim being in the same few industries.

[jye]

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.
 

https://www.wsj.com/finance/banking/nycb-meridian-trouble-commercial-real-estate-86ae7a34

“Fannie Mae, Freddie Mac and federal housing regulators are launching wider looks into the opaque market, according to people familiar with the probes. Federal prosecutors are investigating landlords and suspected mortgage fraud, according to people familiar with those efforts.”

“The government-backed lenders are now starting to sift through the financials of numerous borrowers and brokers, looking to weed out fabricated numbers, according to people familiar with the matter.”

At least going forward every GP and every broker better be dotting their “i”’s and crossing their “T”’s.

[liosac]

https://thelakewoodscoop.com/news/letter-enough-with-all-the-ponzi-schemes-how-to-put-an-end-to-it/

[Afrages6]

What’s happening now?

[S209]

What now?

[aygart]

https://commercialobserver.com/2024/03/ralph-herzka-ceo-run-ends-meridian/

[Euclid]

Oh ****, what happened this time?

[ushdadude]

https://thelakewoodscoop.com/news/letter-enough-with-all-the-ponzi-schemes-how-to-put-an-end-to-it/

Do most ponzi schemers start off with malicious intent or are they just trying to cover up losses and things spiral out of control?

[Yehuda57]

Do most ponzi schemers start off with malicious intent or are they just trying to cover up losses and things spiral out of control?

yes

[liosac]

What’s happening now?

Something previously discussed here has taken an unwelcome turn in terms of outside interest.

[notyettaken]

Something previously discussed here has taken an unwelcome turn in terms of outside interest.

Got it!
Thanks for clearing up the confusion.

[Afrages6]

https://www.linkedin.com/posts/irazlotowitz_youve-seen-how-far-weve-come-as-we-activity-7182753784173854720-kWrx?utm_source=share&utm_medium=member_ios