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Tuesday, January 31, 2012

RISKY BUSINESS...Steve D. Fredrickson and Portfolio Recovery Associates Sold His "Biz Plan" to NASDAQ Investors Just Like Foreclosure King David J. Stern Did.



RISKY BUSINESS PART #1.....Foreclosure King David J. Stern and the Stern Law Office sold his business plan to NASDAQ investors when DJSP Enterprises went public. Stern and his Law Office sold the "Biz Plan" that a foreclosure law office could make $$$ Millions by bidding on bundled failed mortgages from Fannie Mae, Freddie Mac, Bank America and Wells Fargo among others, foreclose on the mortgages at $1,200 a pop and do volume "Biz" at break neck speed through what turned out to be illegal practices like "Robo Signing".   

David J. Stern's DJSP Enterprises had gone from a high of $75.00 to it's current $0.12 on the NASDAQ, see link http://www.nasdaq.com/symbol/djsp before the current lawsuit for Fraud was filed.

David J. Stern, the Florida foreclosure lawyer who profited off the state’s housing bust before losing his biggest clients Fannie Mae and Freddie Mac, was sued by a partner company that claims it was damaged by Stern’s (illegal) foreclosure practices for FRAUD.

DJSP Enterprises Inc. (DJSP), which took on the non-legal foreclosure-processing services of Stern’s law firm and depended on his referrals, said in a copy of a complaint included in a regulatory filing dated Jan. 3 that Stern concealed his business was “systematically engaging in unlawful and fraudulent conduct” in foreclosures.

Those practices jeopardized Stern’s relationships with his biggest clients, including banks and government mortgage companies Fannie Mae and Freddie Mac, and the viability of his law firm and DJSP, according to the complaint. DJSP said the complaint was filed January 3rd, 2012 in Broward County, Florida, MORE FROM THIS SOURCE

RISKY BUSINESS LAWSUIT #1… Broward County Case Number: CACE12000096
Case Type: Fraud;
Plaintiff… Dal Group, LLC
Plaintiff… Djs Processing, LLC
Plaintiff… DJSP Entreprises Inc. FKA Chardan 2008 China Acquisition Corp.
Defendant… P&M Corporate Finance, LLC
Defendant… Stern Holding Company-DS, Inc FKA Default Servicing, Inc
Defendant… Stern Holding Company-PT, Inc. FKA Professional Title and Abstract Company of Florida, Inc

RISKY BUSINESS PART #2....Steve D. Fredrickson president and CEO of Portfolio Recovery Associates sold his Business Plan to NASDAQ investors stating, in his most recent Securiteis and Exchange Commission Report (SEC), that a collection agency could make $$$ Millions by buying "bundled dated bad debt" and accounts discharged by Federal Bankruptcy from banks like Wells Fargo and Bank America, sound familiar.  The company went public in 2002 and now has operations in 10 states including Virginia, Pennsylvania, Tennessee, Illinois, Texas, Nevada, Kansas, Alabama, New Jersey and California.

According to the SEC Report Steve D. Fredrickson and Portfolio Recovery Associates have purchased almost $55,000,000 in bundled "dated bad debt" and accounts discharged by Federal Bankruptcy for only $1,700,000, that's 30 cents on the dollar and they expect to collect full face value plus costs.  Pretty good "Biz Plan" you would think except for the fact that is is illegal to attempt to collect on accounts discharged by Federal Bankruptcy and most of the bundled dated bad debt has gone way past individual states statue of limitation on time to collect.  

UPDATE.....NYT Feb. 1st, 2012,  F.T.C. Fines Debt Collector $2.5 Million. The Federal Trade Commission that it would continue to crack down on debt collectors who harass consumers for money they may not even be legally obligated to pay. The F.T.C. said that Asset Acceptance had agreed to pay a $2.5 million civil penalty to settle charges that the company deceived consumers when trying to collect “old bad debt” and accounts discharged by Federal Bankruptcy.  This is the exact same business plan that Steve D. Fredrickson president and CEO of Portfolio Recovery Associates sold his investors on NASDAQ.

Steve D. Fredrickson president  (bald man in center- photo above) and Portfolio Recovery Associates are under attack by the FCC, multiple Federal Lawsuits and a Class Action Lawsuit in Florida, their SEC report indicates multiple problems with negative publicity and FCC recommend enforcement actions. The Portfolio Recovery Associates stock (PRAA) as traded on NASDAQ has dropped from a high of $91.00 to a low of $56.00 during 2011.

RISKY BUSINESS LAWSUITS PART #2.....US Federal Court Lawsuits- Defendant Portfolio Recovery Associates, LLC et al.
Collins v. Portfolio Recovery Associates, LLC et al.
Updated: January 23, 2012
Plaintiff: Brandy Collins
Defendants: Portfolio Recovery Associates, LLC
 
BLOOMBERG BUSINESSWEEK January 31, 2012 3:00 AM ET….Turner Law Offices, LLC and Arcadier & Associates, P.A. Files Class Action Lawsuit Against Portfolio Recovery Associates, LLC. The law firms of Turner Law Offices, LLC and Arcadier & Associates, P.A. have filed a Class Action lawsuit against Defendant Portfolio Recovery Associates, LLC in the United States District Court for the Middle District of Florida on behalf of all persons in the State of Florida who, since February 18, 2011, received a non-emergency telephone call from PRA to a cellular telephone through the use of an automatic telephone dialing system or an artificial or prerecorded voice and who did not provide prior express consent for such calls during the transaction that resulted in the debt owed. The action is captioned Karen Harvey et al. v. Portfolio Recovery Associates, LLC, and is numbered 6:11-CV-00582.

BOTTOM FEEDERS like Steve D. Fredrickson CEO of Portfolio Recovery Associates and David J. Stern of the Stern Law Office made their $$$ Millions off the misery of others. Steve D. Fredrickson and Portfolio Recovery Associates is another house of cards just like the Stern Law Office Foreclosure Scam.

Steve D. Fredrickson CEO of Portfolio Recovery Associates in their illegal attempts to collect on discharged Federal Bankruptcy accounts has illegally published the Name, Address, Date Of Birth (DOB) and Social Security Numbers (SSN) of private individuals leaving them open to Identity Theft (ID).  I wonder how Steve D. Fredrickson CEO of Portfolio Recovery Associates would like to see his home address, cell phone number, DOB and SSN published?

Steve D. Fredrickson, DOB X/XX/1959,  age 52
SSN..353-4X-XXXX 
CEO of Portfolio Recovery Associates
Home address; VIRGINIA BEACH, VA 23452
Cell phone number to be announced.



Bill Warner Sarasota Private Investigator, SEX, CRIME, CHEATERS & TERRORISM at www.wbipi.com