Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Delaware Man Found Guilty in TARP Fraud Kickback Scam

nationalmortgageprofessional.com | November 24, 2014

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Charles M. Oberly III, U.S. Attorney for the District of Delaware, has announced that Peter W. Hayes of Newark, Del., has pleaded guilty to one count of accepting a gift for procuring loans, in violation of Title 18, United States Code, Section 215. United States District Judge Richard G. Andrews scheduled a sentencing hearing for March 17, 2015.

Hayes, a former relationship manager at TARP bank Wilmington Trust Corporation admitted that he purchased two model homes from a large Bank customer in November 2005 as part of a sale/lease-back arrangement, whereby the customer agreed to pay Hayes and his business partner monthly lease payments in the exact amount of, and to satisfy, their monthly mortgage payments.

In March 2008, Hayes and his partner sold the model homes to a third-party for a loss, leaving Hayes with a $70,000 obligation to his mortgage lender. Hayes ultimately requested a loan from the Wilmington Trust customer to cover the shortfall. In November 2008, the customer loaned Hayes the necessary funds by issuing him a check from the customer’s operating account at Wilmington Trust. Hayes repaid the loan in February 2009 by depositing a treasury check directly into the customer’s Wilmington Trust operating account.

During the four-year period in which Hayes had a financial relationship with the customer, Hayes approved millions of dollars in financing for various projects being developed by the customer.

As part of his guilty plea, Hayes admitted to making specific funding decisions for the customer that were based on materially false statements and omissions, or were otherwise in contravention of existing loan agreements.

With his guilty plea, Hayes becomes the third former Bank employee to plead guilty to criminal conduct relating to employment at Wilmington Trust.

“Hayes, a former relationship manager at TARP bank Wilmington Trust, is the third employee to plead guilty to charges stemming from the investigation by SIGTARP and our partners of purported criminal conduct at the bank,” said Romero. “In today’s plea, Hayes admitted to exchanging favors with a long-time bank customer for his personal benefit. SIGTARP and our law enforcement partners stand united in our commitment to safeguarding TARP on behalf of taxpayers, and perpetrators of crime related to TARP will be brought to justice.”

 

Back to November 2014 Archive

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).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:




 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package