OPFM (& Related Entities) Books Finally Opened; More Alleged Ponzi Scheme Victims Revealed

In two separate stories on the recently defunct Pennsylvania mortgage investment program that the Feds have called a Ponzi scheme, Lancaster Online reports:

• A mortgage brokerage firm that has left more than 800 homeowners and investors on the hook for about $40 million finally opened its books Thursday in U.S. Bankruptcy Court. Six companies related to Wesley A. Snyder's bankrupt Personal Financial Management Inc. reported assets of nearly $83 million and liabilities of about $122 million in debts. However, forensic accountants will take several days to break down and interpret the voluminous information, U.S. Bankruptcy Court trustee Lynn E. Feldman said Thursday. [...] A class-action lawsuit, one of three separate court actions related to the bankruptcies, claims [Wesley A.] Snyder signed customers to "wrap-around" mortgages in which he secretly brokered larger mortgages in their names with outside banks.

Among Snyder's companies invloved in the alleged Ponzi scheme are Image Masters amd OPFM Inc. For more, see OPFM books finally opened (Show $39M deficit).

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In another recent story on Lancaster Online:

• [T]here's another, smaller group of victims, whose numbers were disclosed in U.S. Bankruptcy Court documents filed Wednesday. That group is the 31 individuals and couples, including three in Lancaster County, who funded $3.5 million in mortgages offered as investments by the company. With Personal Financial Management and its affiliates filing for bankruptcy liquidation, this group could lose every cent.

For more, including other recent developments in the case, see More victims of mortgage scam revealed.

Go here and go here for other posts and links to earlier media reports on the Pennsylvania Ponzi scheme involving Wesley Snyder, OPFM, Image Masters.