Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, May 05, 2012
S. Fla Woman In F'closure Among 350+ Allegedly Screwed Over By Investment Peddler Who Used Faith To Target Churchgoers; SEC: Racket Was A Ponzi Scheme
In Broward County, Florida, WSVN-TV Channel 7 reports:
A man who preached at South Florida churches is now accused of running a huge Ponzi scheme. And investigators say his victims were the church members who trusted him.
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Darrilyn Bryant-Hudson: "My house is in foreclosure. Devastating, devastating. I'm sorry." Darrilyn Bryant-Hudson says she lost her retirement savings of $250,000 after investing with [Ephren Taylor, Jr.]. He preached at her Pembroke Park church promising "biblically sound financial advice." "When you come to church, me especially, you are trustworthy. You don't expect anybody from the outside to come into the congregation to tell lies and to deceive you."
And now the Securities and Exchange Commission says that's exactly what happened to Darrilyn and hundreds of others. Eric Bustillo, SEC: "This was nothing but a fraud from the beginning." In a scathing lawsuit the SEC charges Taylor "operated a Ponzi scheme to swindle over $11 million, primarily from African-American churchgoers."
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Calling himself a social capitalist, Taylor used faith to convince church members their money would be used to buy businesses in disadvantaged communities. Eric Bustillo, SEC: "These investors put their money in thinking that they were investing with somebody who truly wanted to do some good, who truly had a track history as he claimed he had and in reality it turned out to be it was all false." Officials say more than 350 investors were taken by Taylor.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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