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Fired in scandal, former assistant AG Erin Cullaro on ethics panel

Fired in scandal, former assistant AG Erin Cullaro on ethics panel


TBO-

TAMPA —

Erin Cullaro, a former assistant Florida attorney general who was fired last year after moonlighting for a “foreclosure mill,” continues to serve on a state committee that investigates other lawyers for ethical violations.

Some lawyers and consumer advocates question whether such a position of authority with the Florida Bar is appropriate.

“The bar’s self monitoring leaves much to be desired,” said Lisa Epstein, of Foreclosure Hamlet.org, which tracks cases of foreclosure fraud.

Cullaro, who worked for the attorney general’s economic crimes division in Tampa, was fired in April following a formal reprimand by Gov. Rick Scott’s office, which questioned variations of her signature on legal documents.

[TBO]

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Madoff ex-clients file $19 billion suit against JPMorgan

Madoff ex-clients file $19 billion suit against JPMorgan


If you recall from the previous unsealed complaint, “Top JPMorgan Execs. Were Warned of Madoff Scheme”, this appears to be similar…certainly if there is one, there must be others.

This is just slightly south of the entire settlement package of the Foreclosure Fraud settlement, which is also nilch for the acts committed.

Reuters-

Former customers of Bernard Madoff’s massive Ponzi scheme filed a class action lawsuit on Monday seeking to recover $19 billion from JPMorgan Chase & Co, claiming the bank willfully ignored signs of fraud.

JPMorgan was Madoff’s bank for two decades. The lawsuit, filed in federal court in Manhattan, claims the bank was “thoroughly complicit” in concealing Madoff’s fraud.

[REUTERS]

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FL Assistant Attorney General Erin Cullaro Tied to Foreclosure Mill Fired

FL Assistant Attorney General Erin Cullaro Tied to Foreclosure Mill Fired


Before heading to the article below, maybe you’d read a few tidbits in the following depo…

FULL DEPOSITION OF FLORIDA DEFAULT LAW GROUP MANAGING PARTNER RONALD WOLFE

TBO.com

TAMPA —

The attorney general’s office has fired Erin Cullaro, an assistant Florida attorney general reprimanded last year for moonlighting for a “foreclosure mill.”

The termination follows a second reprimand in March from Gov. Rick Scott’s office, which questioned variations of her signature on legal documents.

The signature that was used to notarize affidavits of “reasonable attorney fees” is not the same signature she was commissioned to use, according to a letter from Scott’s office.

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Bernie Madoff: JPMorgan Doesn’t Have A Chance In Hell And HSBC And UBS Are Going To “Have Problems”

Bernie Madoff: JPMorgan Doesn’t Have A Chance In Hell And HSBC And UBS Are Going To “Have Problems”


via: Business Insider

Madoff said: “JPMorgan doesn’t have a chance in hell of not coming up with a big settlement.”

“I am not a banker but I know that $100bn going in and out of a bank account is something that should alert you to something.”

“JPMorgan got all the financial statements.”

“There were senior people at the bank who knew what was going on,” he emphasized, without naming anyone. There will be a big interview with Madoff in this weekend’s Financial Times.

continue reading…Business Insider

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UNSEALED #2 COMPLAINT | CITIBANK SAW MADOFF FRAUD WARNINGS, RED FLAGS

UNSEALED #2 COMPLAINT | CITIBANK SAW MADOFF FRAUD WARNINGS, RED FLAGS


excerpt:

1. Citi’s “Due Diligence” And Early Discovery Of The Risks Of Possible Fraud

61. During the course of Citi’s 2005 initial “due diligence,” and as part of negotiating the final terms of the Prime Fund loan transaction, Citi learned, among other things, that Tremont received only paper copy trade confirmations approximately five (5) days conducted the alleged trading – a practice rife with the possibility for fraud due to the ability of the brokerage firm to backdate or manufacture trading activity with no ability on the customer’s part to check that the trades actually took place.

[ipaper docId=49576440 access_key=key-2jyczq13gdy3ceyfua75 height=600 width=600 /]

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The Daily Beast| JPMorgan and Madoff: Will the Scandal Sink Jamie Dimon?

The Daily Beast| JPMorgan and Madoff: Will the Scandal Sink Jamie Dimon?


by Allan Dodds Frank

The allegations unveiled Thursday by the trustee amount to accusing the senior management of the bank (without naming anyone) of ignoring the public good to protect profits—and Bernie. Back when the complaint was under seal, Picard’s No. 1 counsel David Sheehan had asserted: “JPMorgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff.” In his statement, Sheehan said: “JPMC was at the very center of that fraud, and thoroughly complicit in it.” At the time, the bank called the trustee “irresponsible” and said the complaint was aimed at “headline-grabbing.”

For its part, JPMorgan Chase said Thursday that the bankruptcy trustee’s complaint is “based on distortions of both the relevant facts and the governing law. Contrary to the trustee’s allegation, JPMorgan did not know about or in any way become a party to the fraud orchestrated by Bernard Madoff.”

The statement continued:

“Madoff’s firm was not an important or significant customer in the context of JPMorgan’s commercial banking business, and the revenues earned from Madoff’s bank account were modest and entirely consistent with conventional market rates and fees.” The statement added that the trustee’s claims that the bank earned big bucks from Madoff “is demonstrably false.”

The bank’s statement made no mention of the supposed First Rule of Banking: “Know Your Customer.”

My simultaneous translation of the JPMorgan statement is this: “We are such a giant global bank that whatever profits we made from Madoff are chump change. A settlement would not affect earnings, even though we have to stipulate that we administered the accounts Bernie used to carry out the largest Ponzi fraud in history, and even though we neither admit nor deny turning a blind eye to his machinations and making hundreds of millions in the process.”

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COMPLAINT | Top JPMorgan Execs. Were Warned of Madoff Scheme

COMPLAINT | Top JPMorgan Execs. Were Warned of Madoff Scheme


Amended Complaint against all defendants / Complaint against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Securities Ltd. [Redacted] (related document(s) 1 ) Filed by Deborah H. Renner on behalf of Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC. (Renner, Deborah) (Entered: 02/03/2011)

source: BMI Trustee

[ipaper docId=48126952 access_key=key-2i2mn1s1rbicggd0pusv height=600 width=600 /]

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FULL DEPOSITION OF FLORIDA DEFAULT LAW GROUP MANAGING PARTNER RONALD WOLFE

FULL DEPOSITION OF FLORIDA DEFAULT LAW GROUP MANAGING PARTNER RONALD WOLFE


EXCERPT:

Q. Okay. And who would do the title search?
2 MS. HILL: Are you asking who did the title
3 search in this case?
4 MR. IMMEL: Yes.
5 A. Generally for the firm, again, the title
6 company that — that we’ve engaged to do the title
7 search and exam is New House Title.

8 BY MR. IMMEL:
9 Q. Okay. And what relationship does New House
10 Title company have to Florida Default Law Group?

11 A. New House Title is a —
12 MS. HILL: Well, I’m going to object to the
13 form of the question.
14 MR. IMMEL: Okay.
15 MS. HILL: He just said that the firm engages
16 New House Title, so —
17 MR. IMMEL: Right.
18 MS. HILL: — it would appear they have a
19 relationship of vendor and vendee, but your
20 question was objectionable.

21 MR. IMMEL: Okay.
22 A. It’s the title company we engage to provide
23 the service. And I believe what we are getting to is
24 the fact that the law firm owns the title company.

25 BY MR. IMMEL:

Q. Okay. That is reflected on — commonly on
2 affidavits and things of that nature. Does Florida
3 Default Law Group solely utilize New House Title as
4 their — to review — do title searches?

<SNIP>

22 Q. Okay. Okay. Do you personally know Lisa or
23 Erin Cullaro?
24 A. I do.
25 Q. You do. Okay. And as I’m sure you’re aware,

1 we’ve sought to take the depositions of Lisa and Erin
2 Cullaro in numerous cases and those affidavits were
3 withdrawn. Are you familiar with that issue within this
4 case?
5 MS. HILL: I’m sorry. Are you asking this
6 witness as to what — what transpired in this
7 particular case, this foreclosure case?
8 MR. IMMEL: Yes. Based on his personal
9 involvement.
10 MS. HILL: Okay. Then objection. You’re
11 assuming facts that have not been established.
12 You’re mischaracterizing his testimony. As far as
13 I can tell, the only fact that you’ve established
14 regarding his personal involvement is the
15 Assignment of Mortgage that is Exhibit A. And
16 whether that’s a part of this file or not a part of
17 this file are two different issues. But you have
18 not established that Mr. Wolfe individually has
19 served as an attorney with respect to the
20 prosecution of this foreclosure action, and so
21 asking him questions as to what may or may not have
22 transpired as part of the prosecution of this
23 foreclosure action is improper.
24 MR. IMMEL: Okay.
25 BY MR. IMMEL:

<SNIP>

14 Q. Are you choosing not to answer that you have
15 any personal knowledge as to whether or not affidavits
16 have been withdrawn by Lisa and Erin Cullaro?

17 A. Yes.
18 Q. You have no personal knowledge that —
19 A. I’m refusing to answer.
20 Q. You’re refusing to answer. Okay. Did you
21 ever discuss having their depositions taken with either
22 Lisa or Erin Cullaro?

23 MS. HILL: Same objection. Same instruction.
24 BY MR. IMMEL:
25 Q. And are you choosing not to answer based on

1 your attorney’s instructions?
2 A. Yes, I am choosing not to answer.
3 Q. Okay. Did you ever instruct Lisa Cullaro or
4 Erin Cullaro that Florida Default Law Group would
5 aggressively defend having their depositions taken in
6 this case or any other cases?

7 MS. HILL: Same objection. Same instruction.
8 BY MR. IMMEL:
9 Q. Are you choosing not to answer as to whether
10 or not you have any personal knowledge regarding the
11 Cullaro deposition, Lisa Cullaro or Erin Cullaro’s
12 deposition based on your attorney’s recommendation?
13 MS. HILL: That’s a different question. But
14 to that question, it’s the same objection and the
15 same answer.

16 A. I have —
17 MS. HILL: I mean, the same objection and the
18 same instruction.
19 A. Yes. I’m not going to answer. I have no idea
20 what — what deposition of Lisa Cullaro you’re
21 referencing.

22 BY MR. IMMEL:
23 Q. Do you — do you have any personal knowledge
24 that our office has sought the deposition of Lisa
25 Cullaro or Erin Cullaro?

Continue reading the rest…

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