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SEC dropping fraud charges against Thornburg Mortgage execs

newswest9.com | September 26, 2016

SANTA FE, N.M. (AP) - The Securities and Exchange Commission is dropping some fraud charges against two former executives of Santa Fe-based Thornburg Mortgage.

The agency filed a motion Friday, saying it would no longer pursue three of five claims and an allegation that the two had filed a false financial statement.

The agency filed a lawsuit in 2012, alleging that Larry Goldstone, Clarence Simmons III and Jane Starrett hid the company's deteriorating financial condition at the start of the housing market collapse by issuing misleading statements.

They also were accused of hiding a $428 million loss in a 2007 annual report.

Starrett settled and agreed to pay a penalty.

A jury cleared Goldstone and Simmons in July of five counts of civil accounting fraud but deadlocked on five others.

 

 

 

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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