Don't Give Up- Even when the FBI comes to get you!
Rays of Light and Strength for the Hardest Times
By - Rabbi Leib Pinter
Bad news is a challenge.
It can be overwhelming - or it can point the way to growth and strength. This powerful and insightful book is important for everyone - for who has not seen or experienced pain, suffering, tragedy? The author, Rabbi Leib Pinter, is a noted scholar and a man with great sensitivity and experience. He has known, consulted, and read the works of many of the greatest rabbis and spiritual guides of the last two generations - and distilled a wealth of wisdom into a book that provides guidance, hope, and optimism in the face of adversity. Don't Give Up is filled with fascinating stories and anecdotes, sayings and interpretations of the Sages and leaders through the centuries, as well as talks given to communities that were straining to cope with crisis, by contemporary luminaries such as Rabbi Mattisyahu Salomon. Profound, interesting and informative, t....
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Don't Give Up
Rays of Light and Strength for the Hardest Times
By Rabbi Leib Pinter
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Binding: Hardcover / Pages: 420 / Dimensions: 6" x 9" / Weight: 1.80 LBS
Published: by ArtScroll / Mesorah
Two Former Principals of Olympia Mortgage Indicted on Conspiracy, Wire Fraud and Bank Fraud Charges
May 8, 2008 - 11:28 AM US/Eastern
NEW YORK, May 8 /PRNewswire-USNewswire/ -- Leib Pinter and Barry Goldstein, two former principals of Olympia Mortgage Corporation, a Brooklyn, N.Y., based mortgage lender, were indicted with conspiracy, wire fraud and bank fraud, Benton J. Campbell, U.S. Attorney for the Eastern District of New York, and Mark J. Mershon, Assistant Director-in-Charge of the FBI, New York Field Division, announced today.
The defendants' initial appearances and arraignments are scheduled later today before U.S. Magistrate Judge Joan M. Azrack at the U.S. Courthouse in Brooklyn. The case has been assigned to U.S. District Judge Nina Gershon.
The indictment charges two fraudulent schemes. In the first, Pinter is charged with fraud in connection with the theft of $44 million of payoff proceeds for refinanced mortgage loans funded by Fannie Mae, a federally chartered mortgage lending company, and serviced by Olympia (the "Fannie Mae Fraud"). In the second, Goldstein is charged with fraud in connection with Olympia's sale of a portfolio of non-performing mortgage loans to Credit Suisse First Boston (CSFB) using falsified loan histories (the "CSFB Fraud").
According to the indictment, Olympia originated and serviced mortgage loans owned by Fannie Mae, and some of those loans were refinanced through Olympia. When Olympia refinanced a Fannie Mae mortgage loan, Fannie Mae wired the money to an Olympia account. Olympia was then required to pay off the underlying mortgage loan by remitting the outstanding balance to Fannie Mae. Instead, Pinter allegedly misappropriated the proceeds of the refinanced mortgage loan for the benefit of Olympia. When the fraudulent scheme was revealed, Fannie Mae held nearly $44 million in unpaid, but refinanced, underlying mortgage loans from Olympia.
The indictment alleges that Olympia also sold loans to investors, including CSFB, now doing business as Credit Suisse. Prior to purchasing a loan, CSFB required Olympia to produce, among other things, a loan history detailing what payments homeowners made and whether those payments were made on time. Olympia owned several loans for which payments had not been made in a timely manner. In an effort to induce CSFB to purchase these non-performing loans, Goldstein directed Olympia employees to alter delinquent loan histories to reflect that all payments were made in a timely manner. CSFB purchased 12 loans whose histories had been fraudulently altered in this manner.
"Investigating and prosecuting mortgage-related fraud is a priority of the Department of Justice and this office," said U.S. Attorney Campbell. "Those who enrich themselves at the expense of mortgage lenders are on notice that such crimes will not be tolerated."
FBI Assistant Director-in-Charge Mershon said, "Commercial banks and government loan guarantors assume some risk in assessing mortgage loans. But deliberate misrepresentation by unscrupulous mortgage brokers, lenders or appraisers can trump even determined due diligence. The FBI and the U.S. Attorney are committing more resources than ever to policing the mortgage lending arena."
If convicted of either the conspiracy to commit wire fraud or wire fraud counts, Pinter faces a maximum prison sentence of 30 years. If convicted of either the conspiracy to commit bank fraud or bank fraud counts, Goldstein faces a maximum prison sentence of 30 years.
The government's case is being prosecuted by Assistant U.S. Attorneys Jonathan E. Green and Daniel A. Spector.
SOURCE U.S. Department of Justice