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Amerifund Home Mortgage

AmeriFund Smart Homes "Home Retention Department" CALL 800-FUND-911 TO SAVE YOUR HOME!

AmeriFund Smart Homes has been in business based in the foothill of La Verne, California for over 22 years. The ower Russell J. Massro is the ...

Colorado AG fines two brokers nearly $1 million each for deceptive lending

A Denver District Court ordered two Colorado mortgage brokers to pay civil penalties of nearly $1 million each for deceptive advertising and fraudulent loan origination practices. The court found Leo Shifrin conducted unlawful and misleading business practices between January 2004 and June 2007, rolling potential homeowners into option adjustable-rate mortgages. "Through the advertisements used to solicit customers and the dealings they had with consumers, the defendants failed to make required disclosures about loan terms and failed to clearly describe the loan program consumers were enrolling in," according to the Colorado attorney general. "The court found that defendants lured borrowers into their offices with hundreds of advertisements printed in The Denver Post and The Rocky Mountain News that featured low teaser rates.

SEC accuses Kinnelon man of stock-lending scheme

The size of the loans were based on a percentage of the value of the stock put up as collateral, generally in the range of 40 percent to 75 percent, SEC officials wrote in a complaint. In exchange, borrowers transferred ownership of their stock and made quarterly interest payments over the term of the loan, which typically were three to five years. Bello and his firms allegedly claimed they would not sell the stock except in the event of default, and would return the collateral once the loan was repaid.

But actuality, Bello and his firms almost immediately sold the stock once the transfer was made, the SEC said. In at least 35 instances, he and his firms sold restricted shares without proper registrations, the agency said.

Bello and the firms settled the case without admitting or denying wrongdoing by agreeing to repay the $3.2 million in illicit gains plus interest. Bello also agreed to a $500,000 penalty and a bar from the securities industry. An attorney for him and his firms, Robin Wilcox of Kramer Levin Naftalis & Frankel, didn’t return a call.

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