Daily Archives: August 25, 2014

Hagens Berman Advises Investors in Ocwen Financial Corporation of the Oct. 14, 2014 Lead Plaintiff Class-Action Deadline

SAN FRANCISCO, Aug. 25, 2014 (GLOBE NEWSWIRE) — Hagens Berman Sobol Shapiro LLP, an investor-rights law firm, advises investors of the Oct. 14, 2014, lead plaintiff deadline in the securities fraud class action against Ocwen Financial Corporation (NYSE:OCN) (“Ocwen” or “the Company”). Investors who purchased Ocwen shares between May 2, 2013 and August 11, 2014 (the “Class Period”) should contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000, emailingOCN@hbsslaw.com or visiting http://hb-securities.com/investigations/OCN.

The complaint, filed in the Southern District Court of Florida on Aug. 12, 2014, and docketed as 9:14-CV-81057-WPD, alleges that Ocwen made false and misleading statements and failed to disclose several material facts throughout the Class Period. Beginning in December 2013, the truth gradually emerged that Ocwen’s mortgage servicing practices were in serious violation of state and local laws; that Ocwen’s Chairman of the Board, William Erbey, owns several companies who provide services to Ocwen at unconscionable rates; and that Erbey and the other directors and officers were directly involved in approving these conflicted transactions.

Read on.

HSBC Alleged to Have Ignored Signs of Fraud

(CN) – HSBC bank was sued for $250 million for allegedly ignoring signs that David Elias was committing fraud through an investment vehicle he controlled.
In a complaint filed in the Federal Court in Manhattan, the liquidator for Luxembourg-based SLS Capital SA, says HSBC was a custodian of life insurances polices used as collateral for bonds that SLS sold to investors, and that it ultimately proved these bonds were falsely marketed as safe.
The liquidator, Yann Baden, claims SLS Capital SA failed in 2009, largely because of Elias’ fraudulent activities. Elias reportedly died later the same year.
Prior to its collapse, one of SLS Capital’s specialties was being a player in something known as the Life Settlement business. Companies engaged in these trades buy life insurance policies of older policyholders, and then collect the death benefits when these individuals die.
As explained in the lawsuit, “the sooner the insureds die, the faster the business recoups its investment. If people live longer than expected, the expected returns are delayed.”
In the industry securities backed by such policies are known as death bonds.
In his lawsuit, liquidator Baden says SLS Capital began selling these bonds in 2005, with investors either buying them directly through the company or through another entity, Keydata Investment Services, which sold bonds securitized by SLS.


Read on.

Charles Belk, businessman in Los Angeles, falsely arrested by Beverly Hills PD


belk-crop (1)

Here we go with another story. Here is Mr. Belk’s story on Facebook post:


It’s one of those things that you hear about, but never think it would happen to you.

On Friday afternoon, August 22nd around 5:20pm, while innocently walking by myself from a restaurant on Wilshire Blvd, to my car up LaCienega Blvd my freedom was taken from me by the Beverly Hills Police Department.

Within seconds, I was detained and told to sit on the curb of the very busy street, during rush hour traffic.

Within minutes, I was surrounded by 6 police cars, handcuffed very tightly, fully searched for weapons, and placed back on the curb.

Within an hour, I was transported to the Beverly Hills Police Headquarters, photographed, finger printed and put under a $100,000 bail and accused of armed bank robbery and accessory to robbery of a Citibank.

Within an evening, I was wrongly arrested, locked up, denied a phone call, denied explanation of charges against me, denied ever being read my rights, denied being able to speak to my lawyer for a lengthy time, and denied being told that my car had been impounded…..All because I was mis-indentified as the wrong “tall, bald head, black male,” … “fitting the description.”

I get that the Beverly Hills Police Department didn’t know at the time that I was a law abiding citizen of the community and that in my 51 years of existence, had never been handcuffed or arrested for any reason. All they saw, was someone fitting the description. Doesn’t matter if he’s a “Taye Diggs BLACK”, a “LL Cool J BLACK”, or “a Drake BLACK.”

I get that the Beverly Hills Police Department didn’t know that I was an award nominated and awarding winning business professional, most recently being recognized by the Los Angeles Business Journal at their Nonprofit & Corporate Citizenship Awards. They didn’t need to because, they saw someone fitting the description.

I get that the Beverly Hills Police Department didn’t know that I was a well educated American citizen that had received a BS in Electrical Engineering from the University of Southern California, an MBA from Indiana University (including a full Consortium Fellowship to business school) and an Executive Leadership Certificate from Harvard Business School. Hey, I was “tall”, “bald”, a “male” and “black”, so I fit the description.

I get that the Beverly Hills Police Department didn’t know that I was a Consultant for the NAACP, a film and tv producer, a previous VP of Marketing for a wireless application company, VP of Integrated Promotions for a marketing agency, ran Community Affairs for the Atlanta Hawks, was the Deputy Director of Olympic Village Operations for the 1996 Atlanta Olympic Games, was a Test/Quality/Mfg Engineering Manager for IBM and was a Bond Trader on Wall street. Surely, folks that fit the description wouldn’t qualify as any of those.

I get that the Beverly Hills Police Department didn’t know that throughout my entire life I have been very active in serving the communities that I have lived in, including Chapter President and National PR Chair for NSBE, a USC Student Senator, a USC Trojan Knight, a USC Engineering Student Council Member, a USC Black Students Council Member, and a Resident Assistant; as well as a founding board member of the RTP NBMBAA, a member of Durham County Transportation Advisory Board, Durham City / County Planning Commission, Atlanta House of Love for the Homeless Board, Cobb County Transportation Advisory Board, Georgia CASA Board, United Way of Greater Atlanta VIP Selection Committee, Jomandi Theater Board, Silver Lake Film Festival Board, Downtown LA Film Festival Board, Chaka Khan Foundation Fundraising Dinner Committee, and the USC Black Alumni Association Board. Nawl, not a “black male”, especially a “tall, bald” one.

I get that the Beverly Hills Police Department didn’t know that just hours earlier, I was at one of the finest hotels in their city, handling celebrity talent at a Emmy Awards Gifting Suite, as part of business as usual, and, invited to attend a VIP Emmy pre-party that very night in their city. The guy doing that, just DON”T fit the description.

What I don’t get………WHAT I DON”T GET, is, why, during the 45 minutes that they had me on the curb, handcuffed in the sun, before they locked me up and took away my civil rights, that they could not simply review the ATM and bank’s HD video footage to clearly see that the “tall, bald headed, black male”… did not fit MY description.

Why, at 11:59pm (approximately 6 hours later), was the video footage reviewed only after my request to the Lead Detective for the Beverly Hills Police Department and an FBI Agent to do so, and, after being directly accused by another FBI Special Agent of “…going in and out of the bank several times complaining about the ATM Machine to cause a distraction…” thereby aiding in the armed robbery attempt of a bank that I never heard of, or ever been to; and within 10 minutes……10 MINUTES, my lawyer was told that I was being release because it was clear that it was not me.

The sad thing is, prior to my freedom being taken from me for an easily proven crime I did not commit, I was walking back to my car, by myself, because I needed to check my parking meter, so that I wouldn’t get a ticket and break the law. In fact, if it wasn’t for a text message that I was responding to, I would have actually been running up LaCienega Blvd when the first Beverly Hills Police Officer approached me. Running!

I want to thank GOD, Robin Lola Harrison of the NAACP Hollywood Bureau, Robert Dowdy and Attorney Jaaye Person-Lynn , without whom, I am certain that I would still be locked up in the custody of the Beverly Hills Police Department. Based on comments made by a Beverly Hills Police Officer during my booking, and an FBI Special Agent, it appeared that they had tried and convicted me.

To everyone, especial black males (regardless of height, hair style or particular shade of “black”) – Hari Williams, Michael Marcel, Reginald L Shaw, Shawn Carter Peterson, Devon Libran, Aaron D Spears, Cedric Sanders, Cornelius Smith Jr, Catfish Jean, Ashford Thomas, Drew McCaskill, Carlton Jordan, Jawn Murray, AS Lee, Bertrand L Roberson Sr, Deron Benjamin, Hawk Oau, James Alan Belk, Juhahn Jones, Darryl Dunning II, Darrin Dewitt Henson, Stephen Bishop, Logan Alexander, Michael Moore, Brandon Dmico Anderson, Jon Covington, Lamar Stewart, David Mitchell, Gerald Andre Radford, Gerald Edwin Rush II, Gerald Yates, etal, – I have always stayed as far away from being on the wrong side of the law as much as possible; so please, be careful. If something like this can happen to ME, it can certainly happen to ANYONE!

Time has come for a change in the way OUR law enforcement officers “serve and protect” us.




Bank of America deal leaves some unpunished: Your Say

Source: USA Today:
  I’m not a corporation basher, but something seems wrong here. No one is brought to trial or goes to jail? In the end, who will actually pay this fine? Hint: Not the people at the top.

— Aaron Bowen

Where is my justice? What about all those borrowers who didn’t pay their notes? You know the ones who are really responsible for the housing crash.

If people had borrowed responsibly, we wouldn’t have had to bail them out. They borrowed the money; they promised to pay; they didn’t. But it’s true that the guys lending the money and giving people a chance to own property are also to blame.

Rob Roy McGregor

People respond to incentives. This includes lenders and borrowers. If borrowers are encouraged to lend because they bear little risk, then they will do just that. If borrowers are encouraged to borrow because housing prices continue to climb, then they will do just that.

This was a classic credit-based, boom-and-bust cycle induced by the transfer of risk coupled with destructive monetary policy. It was always unsustainable.

Worrying about whether it was the borrowers’ fault for not anticipating a loss of income when the bust happened, or whether it was the lenders’ fault for not anticipating the borrowers’ loss of income when the bust happened, is a fruitless diagnosis of the symptoms, not the cause.

The result was inevitable because of the risk allowed.

David Fairchild

Burger King in Talks to Buy Tim Hortons in Canada Tax Deal

Burger King Worldwide Inc. BKW +1.01% is in talks to buy Canadian coffee-and-doughnut chain Tim Hortons Inc., THI.T +2.79% a deal that would be structured as a so-called tax inversion and move the hamburger seller’s base to Canada.

The two sides are working on a deal that would create a new company, they said in a statement, confirming a report on the talks by The Wall Street Journal. The takeover would create the third-largest quick-service restaurant provider in the world, they said.

Inversion deals have been on the rise lately, and are facing stiff opposition in Washington given that they threaten to deplete U.S. government coffers. A move by Burger King to seal one is sure to intensify criticism of them, since it is such a well-known and distinctly American brand.

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Benz v. Federal Home Loan Mortgage Corp || “…or that the parties to the transfer “were attempting to backdate an event to their benefit.” ” || Accordingly, we reverse the summary judgment.

The record in this case fails to demonstrate Freddie Mac’s standing on the date the complaint was filed.

Here is the court document. Click here.


Benz v. Federal Home Loan Mortgage Corp || “…or that the parties to the transfer “were attempting to backdate an event to their benefit.” ” || Accordingly, we reverse the summary judgment.

The record in this case fails to demonstrate Freddie Mac’s standing on the date the complaint was filed.

Here is the court document. Click here.