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CFO Accused of $13 Million Fraud on the Run

 
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Otis
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Joined: 11 Aug 2007
Posts: 2899
Location: High and Dry
PostPosted: Tue Nov 06, 2007 9:22 am    Post subject: CFO Accused of $13 Million Fraud on the Run Reply with quote
http://originatortimes.com/content/templates/standard.aspx?articleid=2604&zoneid=1
Quote:
Edward Batayeh, Executive Vice President and CFO of CHL Mortgage Group, was indicted by a federal grand jury in Oakland, California and charged with defrauding four financial institutions of over $13 million. Those Batayeh was charged with defrauding include Gateway Bank, Aurora Loan Services, First Collateral, and First horizon Home Loan Corp.

Batayeh allegedly sold the same loan to several investors. He also allegedly bought properties in his employee’s names and secured multiple faulty loans on these, as well. Batayeh was also indicted on tax evasion – having failed to pay taxes from 2001 to 2004. If convicted, Batayeh faces up to 30 years in prison and a $1 million dollar fine.
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