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Tuesday, January 31, 2012

TWO OF A KIND CEO LAWSUITS....David J. Stern Law Ofice and Steve D. Fredrickson Portfolio Recovery Associates Charged With Fraud and Illegal Debt Collection In Florida


"SHOW ME THE MONEY", BOYS.........CEO David J. Stern of the David J. Stern Law Ofice and CEO Steve D. Fredrickson of Portfolio Recovery Associates have had Civil Complaints filed against them for fraud, libel and slander and illegal debt collection, respectively, in Broward County Civil Court, Sarasota County Civil Court and NOW one consolidated case of five United States District Court cases in Southern California that had oginated in Florida.

David J. Stern and his Law Office sold their “Biz Plan” to NASDAQ investors stating 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, then 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”.  

Steve D. Fredrickson president and CEO of Portfolio Recovery Associates sold his "Biz 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 old bad debt” and accounts discharged by Federal Bankruptcy from banks like Wells Fargo and Bank America, sound familiar. 

It is illegal to attempt to collect on accounts discharged by Federal Bankruptcy Courts and most of the bundled dated bad debt of Portfolio Recovery Associates 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.

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

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

LAWSUIT…In Sarasota County Court I, private investigator Bill Warner, have an ongoing Libel/Slander Civil Complaint filed against David J. Stern, Law Offices of David J. Stern and two of the Stern associate attorneys.
Sarasota County Court Case Number 2010 CA 010482 NC
Plaintiff Name WILLIAM WARNER
Defendant Name
TOMAS KUCERA ESQ
VIVIEN LEORA LURLENE
 
CEO Steve D. Fredrickson and Portfolio Recovery Assoctiates Inc. has had so many Federal Complaints filed against them that all of the Complaints will now be consolidated in the Southern District of California per an Order filed on December 21st, 2011, see more info at link CLICK HERE.

SOUTHERN DISTRICT OF CALIFORNIA
Danny Allen jr v. Portfolio Recovery Assoctiates Inc C.A. No 3:10-02658
Jesse Meyer v. Portfolio Recovery Assoctiates Inc C.A. No.3:11-01008
MIDDLE DISTRICT OF FLORIDA
Karen Harvey v. Portfolio Recovery Assoctiates Inc C.A. No. 6:11-00582
MIDDLE DISTRICT OF FLORIDA
Kimberly Bartlett v. Portfolio Recovery Assoctiates Inc C.A. No. 1:11-00624
NORTHERN DISTRICT OF ILLINOIS
Jeremy Frydman v. Portfolio Recovery Assoctiates Inc C.A. No. 1:11-00524
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. had 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 was captioned Karen Harvey et al. v. Portfolio Recovery Associates, LLC, and was numbered 6:11-CV-00582.  It is now know as Kimberly Bartlett v. Portfolio Recovery Assoctiates Inc C.A. No. 1:11-00624 in the Southern District of California see more info at link CLICK HERE.



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, 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.

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.


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