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127 changes Leasing News The List http://www.leasingnews.org/list.htm Here
is an up-date to the last month changes: FedFinancial
( 12/2001 ) Universal completes its planned purchase more information available at www.usxp.com http://www.leasingnews.org/archives/December%202001/12-13-01.htm PinnFund/Leasing
(12/2001) a top Executive Officer to turn over $47 in deal/judge makes okay as it favors return of investor money (11/2001) Girlfriend to return millions http://www.leasingnews.org/archives/November%202001/11-01-01.htm (8/2001) Fanghella pleads not guilty to all charges,
remains in jail. (8/2001) A federal grand jury indicted PinnFund USA
founder Michael J. Fanghella 20-count
indictment; Nineteen counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information
with the U.S. Department of Housing and Urban Development --
carries a maximum penalty of 30 years in prison and a $1
million fine. (8/2001) In San
Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after. Fanghella turns self in (7/2001)
Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a “not guilty” judgment against
Tommy Larsen, but Larsen’s lawyer basically agreed to comply with the
temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully
belong to PinnFund. Since he gave in to everything the receiver wanted,
he was not held in contempt. The records shows that being acquitted or
not guilty was not what happened.
The judge found he wasn't in contempt because, going forward, he agreed
to cooperate fully. (6/2001)
Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em
( 4/2001 ) Judge continues freeze of assets. (4/2001) Founder of PinnFund skips bail, judge issues
arrest warrant
(4/2001) PinnFund out of money, closes all offices,
including leasing.,
newspaper stories
say “Millions of dollars are gone.”
(3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid
story, perhaps largest fraud in West Coast history. Colonial
Pacific Leasing ( 12/2001) to close Portland office, move to Chicago to be under one roof with other GE purchases, 500 brokers paired down to top 75 producers/250 employees effected. No more business at Portland operation after December 14th.
Merry Christmas. http://www.leasingnews.org/Conscious-Top%20Stories/CLP.htm (2/2001) closes former Tilden operation in Hauppauge, NY (11/98)
purchased by GE Capital announced no more re-brokered applications,
except from one or two sources, such as Steve Dunham's Leasing
Associates ) Crocker Capital,
California—(11/2001)-Assets :only”
purchased by Dimensional Funding, creditors, reports that creditors and employees not
being paid. Bill Booth (owner) put in $500,000.00 of his own money to try to
keep afloat. http://www.leasingnews.org/archives/November%202001/11-20-01.htm http://www.leasingnews.org/archives/November%202001/11-27-01.htm Powernet
Financial Group., Boston, Ma. ( 11/2001) brokerage firm purchased by Madison
Capital http://www.leasingnews.org/archives/November%202001/11-13-01.htm Republic
of South Carolina (11/2001) parent and company now owned by Netbank; Dwight Galloway gets early Christmas present, broker community cheers the good news, too. Top%20Stories/dwight.htm Republic Leasing, South Carolina 9/27/2000
( "The expected result will be a sale of Republic Leasing"---Dwight Galloway. He adds, "We
have always been for sale for
the right price, but in thirteen
years we have not sold off any leases or gone direct after broker’s
business, ever.”) |
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