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Old 07-16-2008, 01:16 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
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AP: FBI Investigates IndyMac For Possible Fraud - Money News Story - KNBC | Los Angeles

It's hit the MSM
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Old 07-16-2008, 01:25 PM
 
48,509 posts, read 86,173,019 times
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There are in fact many banks that are ungoing investiagtion for fraud in these matters. I am sure thsat the FBI wanted to make sure that employees didn't destroy eveidnce when they left. It is pretty much stanndard that a bank will undergo a investiagtion when it fails amd the federal governamnt takes over their obligations.
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Old 07-16-2008, 01:26 PM
 
Location: The Frenchie Farm, Where We Grow 'em Big!
2,078 posts, read 5,743,413 times
Reputation: 1066
Default *****breaking news*********

My friend called back. We'll call her "Shelia". Shelia recieved news from her friend that works as an assistant exec to the VP in accounting. They are not only in his office, but at his home! Several Execs have been seen leaving their parking structure at Indy-Mac. The FBI has a thirty person team in the HQ questioning some of the execs. I guess the ones who left are meeting with their lawyers? Word is that the lawyers of IM are at the Fed. Building in LA since yesterday. It's still new and I will keep you informed!
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Old 07-16-2008, 01:55 PM
 
Location: The Frenchie Farm, Where We Grow 'em Big!
2,078 posts, read 5,743,413 times
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Shelia is saying that accounting fraud is being the operative word of the day at IM. The Pres. and VP of accounting are still in the building. Shelia stopped at a "coffee" shop and is watching from afar with fellow assistants. They all agreed that they are looking for new employment. Some of the personnel in archives had to leave.
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Old 07-16-2008, 02:10 PM
 
Location: The Frenchie Farm, Where We Grow 'em Big!
2,078 posts, read 5,743,413 times
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Shelia just called. She has been in the other line with a friend of hers at the LA times. Basically, it's sounding like accounting fraud. Most of the people who worked at IM before the takeover from the FDIC have left and gone home. Shelia is leaving when we talked. I'm sure the news has trickled out there on this scandal that it's fraudulant practicing at IM. Well it was bound to happen.
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Old 07-16-2008, 02:21 PM
 
Location: The Frenchie Farm, Where We Grow 'em Big!
2,078 posts, read 5,743,413 times
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I forgot. She mentioned a few names that are being investigated. Richard Wohl, Tony Ebers, Jim Fraser (her boss), and Roger Molvar are the names she heard that are being investigated.
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Old 07-16-2008, 04:13 PM
 
26,662 posts, read 40,645,423 times
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Source: FBI investigating Indymac for fraud

Source: FBI investigating Indymac for fraud - CNN.com

This is what they say in an article on CNN.
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Old 07-16-2008, 04:32 PM
 
Location: The Frenchie Farm, Where We Grow 'em Big!
2,078 posts, read 5,743,413 times
Reputation: 1066
Default *****more breaking news*********

Here's the Scoop! Bear with me.....

My partner works for a non-profit org. that deals with mental health issues for the San Fernando valley. His boss, the director of this non-profit, is very good friends of a certain high-up exec. They went to Stanford together and have been friends for 40 some-odd years. The wife of this friend said she had FBI agents confiscated paper work, all home computers, and everything that was in their home office. She was questioned extensively and gave their personnel bank and investment statements.

Now, this is where it gets interesting. My partner's boss, the director, said it looks like their fraud was evenly distibuted through out the company, And I'll explain.

One of the MANY red flags that had Indy Mac in the crosshairs of the Feds was the unusual amount of Pres and VP they had in their HQ. Aside from the normal pres and VP positions, they also had pres and vp for the littlest tasks. Some of the departments had two presidents and VPs. They were very top heavy. I'm not a financial major, so I don't know if this is normal. All the director has heard was the top brass had an abnormal amount of commanders and lieutenants. It seems that it will be a long time to follow the paper trail.

The Board members have been questioned, if that means anything. I'm sure it standard procedure. My friend "Shelia" is called back by the FBI to interview her later today! She's peeing with anxiety. And the director's friend's wife (I hope your keeping up) is frantically looking for a lawyer. The directors friend is at the federal building with the IM lawyers as I type.

"Like the sands in the hour glass, these are the days of our lives"
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Old 07-16-2008, 04:41 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,935,702 times
Reputation: 5695
How exciting. Hope they untangle this and your friends are employeed soon.
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