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Brookstone Law Computer: Massachusetts Lawsuit Against Lenders Has Large Prospective

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Newport Beach, CA (PRWEB) December 06, 2011

Progress on legal challenges against the nation’s five most significant mortgage lenders are facing a main legal challenge in Massachusetts is a constructive sign for relief-looking for home owners foreclosed on in Massachusetts in the course of the housing crisis according to Vito Torchia, Jr., managing attorney of Brookstone Law.

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According to media coverage, in the first such lawsuit filed by a state, Massachusetts Atty. Gen. Martha Coakley claims that Bank of America Corp., Wells Fargo &amp Co., JPMorgan Chase &amp Co., Citigroup Inc. and GMAC Mortgage utilized fraudulent documentation in the foreclosure processes, took back properties with out showing they owned the actual mortgages, and failed to uphold loan modification promises to borrowers in the state.

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We applaud the Massachusetts attorney basic for lastly coming to the help of foreclosure victims and holding banks accountable for their systematic mismanagement, lack of due diligence and ongoing record of foreclosures without having following the rule of law,” stated Vito Torchia, Jr.

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According to media coverage, the Massachusetts action represents a new challenge against the mortgage sector by increasing stress on banks to strike a deal with a coalition of Attorneys Basic in search of relief for shoppers allegedly wronged by faulty mortgage servicing practices. The suit could also serve as a blueprint for other individual states to file actions.

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This case could have considerable repercussions throughout the nation and especially in California, exactly where our Attorney Basic has just begun to concentrate on the harm banks have done to homeowners in our state, stated Vito Torchia, Jr.

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According to media coverage, negotiations for a deal of up to $ 25 billion between the banks, attorneys basic and federal agencies was expected to have been reached by now but talks have dragged on for much more than a year.

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“This is a vitally important legal development that will most likely give State Attorneys General who want to go right after the banks a blue-print of how to do it,” stated Vito Torchia, Jr. “But without suitable and professional legal counsel, property owners will likely not be able to obtain the leverage in their negotiations they need to have to hold the banks accountable for their unlawful conduct.

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In addition to criticism from customer groups and homeowners nationwide, media coverage consists of reports that New York, Delaware, Nevada, Massachusetts, Kentucky and Minnesota all signaled that they have been unhappy with the path of the talks with the banks, following issues that the banks have been getting let off too easily.

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While several home owners are becoming unfairly foreclosed upon, the banks are negotiating a settlement that favors them and hurts shoppers, and they cant even do that appropriate. This is an appalling circumstance that ignores shoppers all through California and the nation who require support now, said Vito Torchia,Jr. Now far more than ever is the time for property owners to have powerful legal counsel to take benefit of these developments and at the very same time safeguard property owners rights.

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According to media coverage, California Atty. Gen. Kamala Harris formally walked away from the negotiations soon after meeting with bank representatives in Washington, concluding that what they have been offering was not excellent enough for residents of the state. Given that then, proposals to attempt to entice her back to the table have been floated, as California is noticed as crucial to forging a powerful settlement. Harris has subpoenaed info from Fannie Mae and Freddie Mac as part of an inquiry into lending and foreclosure practices in the state. Her workplace lately subpoenaed Bank of America and its mortgage arm Countrywide Financial, along with Citi, searching for information on their practices selling mortgaged-backed securities in California.

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“Rather of the controversial answer getting created by the banks and the federal government, this lawsuit and the improvement of actions by so a lot of State Attorneys Generals show that a 50-state settlement is not preferable to the states and most surely not to consumers, mentioned Vito Torchia, Jr. Soon after the harm they have brought on, and continue to trigger, banks do not deserve to have these concerns solved by way of a enormous and unfair federally-mandated settlement.”

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ABOUT BROOKSTONE LAW, Pc &#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with encounter and accomplishment in business, corporate and individual finance, employment, entertainment and media, art and museum, intellectual house and real estate law. The firm has a network of much more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative employees dedicated to serving consumers. For info, get in touch with (800) 946-8655 or check out Brookstone Law.com(http://www.brookstonelaw.com).

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Uncover A lot more Loan Modification Services Press Releases

UFAN: Massachusetts Lawyer General Suit Against the Main Banks Noticed as a Positive Sign for Beleaguered Borrowers

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Roseville, California (PRWEB) December 16, 2011

In what came as a major improvement in the fight against mortgage fraud, on December 1, 2011, the Massachusetts Lawyer Common filed a suit against five of the major mortgage lenders, the LA Instances reports. The lawsuit alleges that Bank of America Corp., Wells Fargo &amp Co., JPMorgan Chase &amp Co., Citigroup Inc. and GMAC Mortgage used fraudulent documentation in the foreclosure processes, took back properties without showing they owned the actual mortgages, and failed to uphold loan modification promises to borrowers in the state. The suit was filed in Superior Court in Suffolk County, case quantity 11-4363.

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The case is a welcome improvement for borrowers, who have frequently bore the brunt of the effects of the mortgage crisis. Much media focus has been centered on lawsuits brought on behalf of investors injured by getting been sold toxic mortgage securities.

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The United Foreclosure Attorney Network (UFAN) is one firm currently standing up for borrower rights and has suits pending against some of the significant lenders. The Massachusetts case is a constructive development in raising the collective consciousness that borrowers had been usually as considerably victims of fraud as had been the purchasers of their loans, says Kristin Crone, managing attorney at UFAN. UFAN has suits pending against JP Morgan Chase and Aurora in California Superior Court, and against Bank of America and Wells Fargo in California Federal Court. UFAN’s cases are discussed at length on its media web page.

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According to the LA Instances, the Massachusetts Attorney Common is open to settling the case so extended as the interests of Massachusetts borrowers are represented. The 50 state Attorneys General have been at one point on board with settlement negotiations that would see main banks spend a sum of funds in exchange for immunity for previous mortgage fraud, news sources recommend. Over the past year, even so, negotiations have stalled prompting specific Attorneys Common (like Kamala Harris of California) to withdraw from possible settlements. California Attorney General Kamala Harris concluded that what was getting provided by the banks was not good sufficient for residents of the state, media reports indicate.

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In 2008, then California Lawyer General Jerry Brown sued Countrywide (Men and women of the State of California v. Countrywide Financial Corp., Los Angeles Superior Court, case # LC083076) over alleged deceptive marketing practices that took advantage of borrowers. The case settled a couple of months later and Countrywide was supposed to provide borrowers principal and interest price reductions, according to The Boston Globe. Jerry Brown named the settlement, the largest loan modification in history and it was intended to offer $ 3.4 billion in relief for California borrowers.

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Despite high hopes at the time, that settlement has failed to acquire substantial relief for California homeowners, The New York Instances reports, and foreclosure prices continue to rise. Referring to the 2008 settlement, the spokesman for the present California Attorney Basic mentioned there is a substantial gap among the relief promised to property owners and what was actually delivered to them. And the mechanisms needed to hold the bank accountable just werent there.

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Complementary consultations offered.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-primarily based law firm supplying mortgage litigation and other debt associated legal services. The committed attorneys and staff at UFAN operate tirelessly to seek justice and fight for the rights of its customers. For more details call toll free of charge 1-866-400-4242.

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This release could constitute attorney advertisement. The information in this release and on the UFAN internet site (ufanlaw.com) is for general info purposes only. Nothing in this release or on the UFAN website must be taken as legal advice. Prior successes are no guarantee of future efficiency. Litigation is inherently uncertain and results in litigation are never ever assured.

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UFAN Files New Lawsuit Against U.S. Bank on Behalf of Borrowers

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Roseville, CA (PRWEB) January 26, 2012

On January 13, 2012 UFAN Legal Group, Computer filed suit against U.S. Bank in San Diego County Superior Court (case quantity 37-2012-00065195-CU-OR-EC) on behalf of borrowers allegedly injured by the Banks lending and servicing practices.

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The complaint alleges that U.S. Bank schemed to profit from reckless and negligent lending practices that ensured borrowers would default on their mortgages. US Bank is alleged to have abandoned its personal underwriting standards in an effort to originate as several mortgages as possible for immediate sale on the secondary mortgage market. The complaint argues that since US Bank could immediately sell mortgages and get completely compensated, it incentivized fraud by loan officers and brokers by providing higher origination fees on subprime loans.

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According to the complaint, Plaintiffs allege US Bank acted negligently in both the origination and modification of Plaintiffs loans. Plaintiffs argue that US Bank wore two hats 1 of a purported lender of money and a single as a developer and seller of residential mortgage backed securities (RMBS). By taking on such a dual function, US Bank was no longer acting as a mere lender of cash, but rather acting as a middleman in marketing and advertising and selling loans. US Bank breached its duty by abandoning standard underwriting standards and encouraging the origination of predatory loans, the complaint alleges.

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The complaint alleges that U.S. Bank used falsified borrower info like credit ratings and income, as effectively as inflated property appraisals, as component of the origination method. It is argued that US Bank incentivized property appraisers and loan originators to falsify this info in order to spot borrowers in bigger and more dangerous loans. The higher the loan quantity, the much more income U.S. bank was able to make on the sale of the RMBS to investors. The complaint suggests that Plaintiffs borrowed excessively in reliance on this falsified info and were harmed by the excessive debt burden.

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Plaintiffs also allege negligence on the part of U.S. Bank associated to the servicing of Plaintiffs loans. Plaintiffs have been lured into a false sense of security by means of the modification procedure, and relied to their detriment on representations by U.S. Bank that a modification would be forthcoming. The complaint alleges that no modification was, in reality, intended and that Plaintiffs placed false hope and abandoned other legal rights in reliance on the modification procedure. In numerous circumstances, Plaintiffs had been induced to default on payments to qualify for modification. US Bank had an interest in foreclosing on Plaintiffs as it no longer held the threat of default and now receives charges for foreclosing.

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Plaintiffs argue that US Bank was in a position to foresee this detrimental reliance and subsequent harm, and consequently breached its duty to Plaintiffs.

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The complaint against U.S. Bank is the newest lawsuit filed by UFAN on behalf of borrowers alleged to have been injured by the lending and servicing practices of the major banks. Home owners believed to have been injured by way of the mortgage practices of US Bank or other individuals are urged to get in touch with UFAN.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-primarily based law firm delivering mortgage litigation and other debt associated legal solutions. The devoted attorneys and employees at UFAN operate tirelessly to seek justice and fight for the rights of its consumers. For much more information get in touch with toll totally free 1-866-400-4242.

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This release could constitute attorney advertisement. Kristin Crone, Esq. is the attorney responsible for this advertisement. The data in this release and on the UFAN web site (ufanlaw.com) is for common data purposes only. Nothing at all in this release or on the UFAN website should be taken as legal suggestions. Prior successes are no assure of future functionality. Litigation is inherently uncertain and outcomes in litigation are never ever assured.

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True Estate Law Center Continues Borrowers’ Fight Against Robo-Filing Banks

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Los Angeles, Calif. (PRWEB) Could 01, 2012

As more details of the mortgage meltdown are brought to light such as the robo-signing scandal and mortgage lenders fined by the government property owners seeking for possibilities other than foreclosure require somebody in their corner.

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Banks have been slow to procedure, and often ignore, loan modifications requests made by struggling homeowners. Nevertheless, True Estate Law Center, Pc has successfully ensured banks respond and method restructured mortgage settlement requests, and adhere to federal laws and regulations. The law firm, headed by Chad Pratt, is at the forefront of advocating for residence owners who’ve been the victim of predatory bank loans.

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True Estate Law Center is aggressive in its pursuit of holding lenders accountable for its consumers. It is at present moving against Countrywide Economic (which has because been purchased by Bank of America Corp.) in Los Angeles Superior Court on behalf of home owners who’ve retained its services. (Ramos v. Countrywide Financial, case quantity BC463386)

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“We have been able to aid borrowers who believed foreclosure was imminent since of the improper actions of the banks,” Pratt said. “We’ve been able to end the nightmare of exploitive mortgage tactics of the banks for our customers, maintaining them in their homes.”

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Ally Monetary Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase &amp Co. and Wells Fargo &amp Co. paid out billions to New York, Massachusetts, Florida, California and Delaware, while other states are pursuing their own settlements. Bank of America is also eliminating about $ 100,000 from the mortgages of California borrowers as component of its agreement.

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The banks, which were involved in unqualified personnel authorizing foreclosures or “robo-filing,” are settling with states and people at a staggering rate, Pratt stated, since the banks had been careless and incorrect.

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“These settlements to the folks banks have wronged and the states in which they’ve violated the law is a direct outcome of the lender negligence and misrepresentation that was indicative of the robo-filing scandal,” Pratt added. “We will continue to fight for what’s fair for homeowners and make certain the banks are held accountable.”

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For far more details, or if you are a homeowner who feels you have been wronged by your lender, contact the Genuine Estate Law Center, Computer visit http://lenderlawlitigation.com e mail information(at)lenderlawlitigation(dot)com or get in touch with 866-946-5342. The firms also handles unlawful detainer defense, post foreclosures and all connected litigation.

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About Genuine Estate Law Center, Pc:

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True Estate Law Center Pc is a firm exclusively devoted to assisting home owners in their struggle against lenders. Our firm is situated in Pasadena, California. We have a assortment of options not only for property owners in distress but also for these who are upside down in “bad” loans due to lender liability.

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Myron M. Cherry & Associates, LLC Brings Lawsuit Against Wells Fargo for Alleged Misrepresentations In Connection With Federal Loan Modification Programs

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Chicago, Illinois (PRWEB) October 26, 2012

Regardless of receiving billions of dollars in taxpayer bailout cash, Wells Fargo fraudulently misled and penalized buyers in search of to modify their loans, according to a federal lawsuit. The lawsuit was filed on behalf of Stephanie Watson and potentially, thousands of similarly situated homeowners across the nation. The law firm of Myron M. Cherry &amp Associates, LLC represents Ms. Watson.

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Wells Fargo, according to the complaint filed these days, misled accountable home owners in want of support, telling them to miss mortgage payments and then assessing outrageous fees, mentioned Mr. Cherry. This practice has left property owners in need of help in a worse position than they have been prior to looking for support by way of these applications.

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According to the lawsuit, homeowners searching for to modify their mortgages below the federal governments Residence Inexpensive Modification Plan (HAMP) were intentionally misled by Wells Fargo. The lawsuit alleges that the organization routinely advised buyers that they should miss mortgage payments or otherwise be in default on their loan, in order to qualify for a loan modification. When consumers followed this advice, Wells Fargo charged buyers substantial fees and penalties, reported delinquent payments to the credit reporting agencies and, in the end, failed to in fact modify the mortgage the lawsuit charges. As a outcome of this alleged practice, Wells Fargo avoided modifying mortgages whilst at the identical time collecting huge fees and penalties leaving clients in need of help in an even worse position.

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The lawsuit seeks nationwide class action status and was filed in the United States District Court for the Northern District of Illinois (Case No. 12-cv-8578)

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Federal Trade Commission Enforcements Against Illegal Robocalls Targeting Delinquent Property Mortgage Loan Owners

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Eden Priaire, Minnesota (PRWEB) July 12, 2012

Yesterday the Federal Trade Commission (FTC) put out a press release providing homeowners and consumers guidelines on how to respond to robocalls and stay away from mortgage relief scammers. Fairly merely, there are 4 basic guidelines mentioned:

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Irvine Law Group, LLP has filed a Multi-Million Dollar Lawsuit Against a Loan Modification Firm and the Company’s Lawyers for Alleged Loan Modification Fraud

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Irvine, CA (PRWEB) September 19, 2012

Southern California law firm of Irvine Law Group, LLP has filed a 150-page civil lawsuit in Superior Court of California, County of Orange (Case No.: 30-2012-00578562) against defendants: Consumer Protection Help Coalition, Inc., (DE) Gary Lane, a California lawyer Jose Arturo Abad Vega (also recognized as Pepe Abad, and Pepi Abad) and other named people, alleging that defendants operate “an illegal mortgage modification scheme”. Plaintiff’s lawyer, Rod Bidgoli, a senior partner at the firm stated that the multi-million dollar lawsuit alleges 17 diverse causes of action against the various defendants, like: Fraud, Conspiracy to Commit Fraud Charging Illegal Advance Costs for Loan Modification Intentional Misrepresentation Unfair, Deceptive and Fraudulent Enterprise Practices Violation of the Shoppers Legal Treatments Act Illegal Use of Runners and Cappers and 12 other causes of action.

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The lawsuit alleges that defendants created misrepresentations and assurances to Plaintiff that they would modify her mortgage and acquire a reduction of her loan principal, and cease the foreclosure of her property. Plaintiff claims that she paid the defendants thousands of dollars in advance charges, but no loan modification was performed for her, and as a result she lost her house in foreclosure.

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The lawsuit additional alleges that defendants misrepresented CPAC as a “Federally Registered Non Profit Law Clinic, even though CPAC has no federal registration,” and that CPAC is not registered either as a law corporation or a “Non-Profit Legal Clinic” with California Attorney General’s office, the State Bar of California, or any other governmental or regulatory agency.

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When asked about the case, Mr. Bidgoli declined to comment on the specifics of the case other than what is contained in the legal complaint, due to the fact of pending litigation. The civil complaint nonetheless alleges that there had been felony criminal charges filed against defendant Pepi Abad in Orange County Superior Court (Case No.: 11CF1447) stemming from an illegal mortgage modification scam involving Mr. Abad, and that Mr. Abad has pled Nolo Contendere (no contest) to violation of California Civ. Code Sec. 2945.four(a) which tends to make it illegal and unlawful for a foreclosure consultant to collect advance costs.

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A declaration attached to the civil complaint which was originally filed with the Court in the criminal case by the office of California Lawyer General, Kamala Harris, in help of the arrest warrant for Abad, it was stated that: “The total quantity of upfront charges for loan modification services paid to HOA for the period November 2007 to November 2008 exceeded $ three,600,000”. (In the declaration HOA is identified as the d.b.a. for defendant Abad and his former partner, Dean E. Toro).

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Mr. Bidgoli stated that they have a extremely sturdy case against the defendants and he looks forward to taking this case to trial. He also warned the public that they must conduct a thorough investigation of anybody that claims they can do loan modifications for a fee, even attorneys, law firms and non-earnings.

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Beware of Foreclosure Rescue Scams – Assist Is Free of charge. If you require assistance with a loan modification, pay a visit to http://www.makinghomeaffordable.gov which is a site set up by the government to aid residence owners. Also if you are going to pay an lawyer, or a business for loan modification, verify them out initial by contacting the Federal Trade Commission, State Bar, or the Department of Customer Affairs.

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Zamansky & Associates LLC Announces The Filing Of A FINRA Arbitration Against Advanced Equities Inc. And Its Officers Dwight Badger And Keith Daubenspeck

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New York, New York (PRWEB) May 30, 2013

Zamansky &amp Associates LLC has filed a FINRA arbitration against Advanced Equities Inc. (Advanced Equities) and its officers Dwight Badger and Keith Daubenspeck, on behalf of an investor. The case is FINRA No. TN 1300576.

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The Statement of Claim in the arbitration alleges that Sophisticated Equities solicited investments in partnerships formed to invest in different so-named green stocks such as Fisker Automotive, Bloom Energy, BrightSource and SolFocus. The Statement of Claim alleges that Sophisticated Equities solicited these investments by misrepresenting information and omitting material information about the risks of investing in these companies. As a outcome, the Statement of Claim alleges that the investors believed that there was far much less threat than how the investments were portrayed by Sophisticated Equities.

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This arbitration is not the very first such allegations produced against Sophisticated Equities. On September 18, 2012, the U.S. Securities and Exchange Commission (SEC) instituted an Administrative and Cease and Desist Proceeding against Advanced Equities and two of its principals. The case is In the Matter of Sophisticated Equities, Inc., Dwight O. Badger and Keith G. Daubenspeck, File No. three-15031. The SEC alleges that Sophisticated Equities produced misstatements to investors, and that there was a failure to supervise sales of private investments in non-public businesses.

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Zamansky is investigating sales of Advanced Equities partnerships which invested in Fisker Automotive, Bloom Energy, BrightSource and SolFocus and other green technologies organizations by independent brokerage firms.

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What Investors Can Do

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If you invested in any of the Advanced Equities partnership offerings, and would like to go over your legal rights, you may, without obligation or cost to you, e mail Jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.

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About Zamansky &amp Associates LLC

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Zamansky &amp Associates LLC is a single of the top law firms specializing in securities fraud, FINRA arbitration and class action litigation. Our FINRA attorneys represent both person and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute circumstances and recover losses.

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Contacts

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Zamansky &amp Associates, LLC&#13

50 Broadway – 32nd Floor&#13

New York, NY 10004&#13

Jake Zamansky, 212-742-1414

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More Administrator Press Releases

Defective Item Liability Lawsuit Filed Against the Mortgage Sector as a Group. Mortgage Item Recall?

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Santa Ana, CA (PRWEB) March 14, 2011

According to the just filed California Superior Court Case # 30-2011-00455676-CU-OR-CJC, titled LOUIS FRANCISCO, et al. v. CITIGROUP, INC., et al, CPAC, Non Profit Law Clinic focused on helping struggling households with tiny youngsters and the elderly facing Homelessness due to bank fraud and lender abuse, is charging the mortgage market has been operating in a manner designed to defraud home owners.

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According to CPAC Non Profit Law Clinic’s President, G. Lee. Lane who is a 39-year multi-state licensed lawyer who served as dean and professor of many law universities for 18 years and has authored many books, some of which have been cited by U.S Congress, “CPAC is doing what our government has not. CPAC Non Profit Law Clinic is fighting against a show of alleged bank fraud and lender abuse that is detailed in our California Superior Court documents just filed.”

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Details on related violations, misrepresentations, errors, blunders or fraud that may exist in your home loan can also be effortlessly identified and documented for you by accessing their customer friendly web site http://www.CPACnonprofit.org

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Even Hollywood’s recent Academy Awards recognized the difficulty in the recently acclaimed film “Inside Job”. In his Academy Award speech Charles Ferguson’s comment, when he accepted the award, “Forgive me, I must start by pointing out that three years right after our horrific monetary crisis caused by huge fraud, not a single financial executive has gone to jail, and that is incorrect.” Possibly you must ask yourself if it were the average Joe, John Q Public, you or I , would we NOT be behind bars?

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Beneath California’s recent law SB 94, attorney and dean G. Lee Lane opinions that the government prohibits private sector specialists, which includes the honest and successful ones from attempting to aid the American customer. “SB 94 is an absolute prohibition of such prepaid function,” stated Dean Lane.

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CPAC Non Profit Law Clinic presently represents over 240 individual civil lawsuits against banks. CPAC Non Profit Law Clinic fights mortgage bankers who can afford to employ the most expensive attorneys.

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According to attorney Lane CPAC’s position is that this new California Superior Court lawsuit, Francisco, et al, v. Citigroup, et al, is a specific type of lawsuit. This sort of lawsuit has not happened against the banking industry prior to, since it enables these who till now could not afford to use the American court system, to file a lawsuit against their lender to put an finish to the banking difficulties in the mortgage spiral.

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Lane continues “What CPAC Non Profit Law Clinic has done is what we would expect our government to have already carried out file a ‘Defective Item Liability Lawsuit’ against the mortgage business on behalf of the American individuals”. He went on to state that not since operating 30 years ago on the asbestos and lung illness epidemic, has the approach dean Lane crafted been utilized in America.

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Author and dean Lane states, “Lastly, somebody has put a neon yellow florescent sign on the 1000 lb gorilla in the room. Lastly there is an chance for the average American to stand up against the JP Morgan Chases, GMAC’s and all the other individuals.”

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CPAC’s president and staff attorneys crafted this suit so that it allows further homeowners to be joined with earlier plaintiffs to enter into this lawsuit economically. The suit tends to make it clear that banks are foreclosing on American families with small youngsters although allegedly falsely misleading them into believing they were on track to get a easy loan modification. Rather, soon after numerous thousands of dollars being paid to the lenders, rather than a loan modification agreement they get a notice of sale on their houses forcing households, even mothers with modest young children to be evicted from their home, facing homelessness, states the just filed lawsuit.