- Report: #559237
Complaint Review: AMC - Ameriquest Mortgage - Internet Internet
Reported By:
paul abdul -
Fair Lawn, New Jersey, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
AMC - Ameriquest Mortgage
Internet, Internet, United States of America
Phone:
Web:
www.ameriquestmortgage.com
Categories:
Business Rating:
(0)
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AMC - Ameriquest Mortgage AMC - Long Beach Mortgage - Town and Country Mortgage - Argent Mortgage I worked as an Account Executive and Mortgage Loan Officer Internet
I had worked @ Ameriquest Mortgage in Wayne, NJ. The operation entailed selling high rate and fee mortgages to unsuspecting, naive and desperate clients. We got their names from lists of previously turned down prospects as well as new prospects that either called in on the 800 phone number or went online to our website.
Next, we reached out to them and as per the scripted speech and promised them the world according to company practices. By doing so, we lured them in, hook, line and sinker so to speak. This strategy was well designed by the late Roland Arnall, CEO as well as president of Retail Lending Kirk Langs and VP of retail Mary Jo Shelton. They are/were publicly listed living in Palo Alto, CA and the latter in Minnesota.
Mr. Arnall became a billionaire over a thirty year period of time by using these methods to control a huge Sub Prime mortgage audience, desperate for mortgage financing. Through the clever usage of tv and mail advertising as well as sports marketing, he was able to capture his audience by crafting unique ads that played on his clients emotions.
Once I found out the true measure of how vast the corruption spread throughout the organization, I left after two years of being a top mortgage broker.
I then stayed in the mortgage industry becoming a manager and then President of a mortgage broker firm.
If you read the novel, "Notice of Default", it chronicles the world of Sub Prime mortgages and reflects on just how one individual could mastermind such a huge scheme that effected and still effects homeowners today.
This is a classic novel which you will find to be may be more than fiction. It is available now at ebook mall or at Amazon books.
1 Updates & Rebuttals
William John McCloskey
Philadelphia,Pennsylvania,
United States of America
William John McCloskey Blew the Whistle on Ameriquest in 2005
#2UPDATE EX-employee responds
Mon, December 31, 2012
William McCloskey worked for Ameriquest from November 2004 till March 2005. William was fired after he reported illegal activity behind the walls of his Ameriquest branch, which virtually mirrored all of the widespread reports about the company (to local detectives, the PA Attorney General, the S.E.C. and the F.B.I).
William sued Ameriquest Mortgage Company under the whistleblower provision of the Sarbanes Oxley Act of 2002. The act pertained to publicly traded companies and issuers of securities under Section 15(d) and 12h-3 of the Securities and Exchange Act of 1934. Ameriquest was the largest issuer of asset-backed securities in the world during the refinance boom.William articulated how Ameriquest originated, processed and loosely underwrote toxic mortgages and then securitized them through their own subsidiary (Ameriquest Mortgage Securities) before the Department of Labor and the S.E.C. in McCloskey vrs Ameriquest Mortgage Company (2005-SOX-093).
Unfortunately, William ultimately lost the suit because of a technicality (he did not file his initial complaint with OSHA within 90-days). However, William thoroughly articulated how Ameriquest perpetrated the largest securities fraud scheme in the history of the United States. The securities fraud scheme was one of the biggest contributors to the collapse of the nation's markets and economy in September 2008. All of the bad paper issued by Ameriquest Mortgage Securities made its way around the world as collateralized debt obligations.
In McCloskey v. Ameriquest Mortgage Co.,ARB No. 08-123, ALJ No. 2005-SOX-93 (ARB Aug. 31, 2010), the Complainant argued that his SOX whistleblower complaint should be equitably construed as timely because the Respondent had a burden to inform him of the existence of the SOX, and failed to do so. The Complainant contended that the Respondent bore this burden based on the requirement to certify financial reports under Section 302 of the SOX. The ARB found that the Respondent did not have a burden to inform the Complainant of the whistleblower provision of the SOX and its filing deadlines, and that Section 302 was inapposite to the Complainant's case.
The Administrative Law Judges got it wrong about Section 302. The is due to the fact that Sarbox was thrown together by Congress in the wake of the Arthur Anderson, Worldcom and Enron scandals. William's opinion (and the opinion of many securities attorneys) is that all Sarbox cases should be brought directly before the S.E.C. and not he Department of Labor because the ALJ's do not have a background in securities law. Further, all initial Sarbox whistleblower complaints are filed with OSHA - a government entity that was not designed to deal with complex financial and securities fraud. Employees of OSHA have as much education about securities fraud as your average United States postal worker.
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