William McCloskey worked for Ameriquest from November 2004 till March 2005. William was fired after he reported illegal activity behind the walls of his Ameriquest branch, which virtually mirrored all of the widespread reports about the company (to local detectives, the PA Attorney General, the S.E.C. and the F.B.I).
William sued Ameriquest Mortgage Company under the whistleblower provision of the Sarbanes Oxley Act of 2002. The act pertained to publicly traded companies and issuers of securities under Section 15(d) and 12h-3 of the Securities and Exchange Act of 1934.
Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.
Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.
“It’s been three years since the financial crisis crippled the American economy,” Steve Kroft begins his 60 Minutes piece this week. “[Yet] there has not been a single prosecution of a high ranking Wall Street executive or major financial firm.”
60 Minutes producer James Jacoby wanted to find out why, and one of the first people he spoke with was Tom Borgers, a man who literally helped write the book on the financial meltdown.
Borgers was a senior fraud investigator for the Financial Crisis Inquiry Commission (FCIC), a bipartisan panel set up by the Obama administration to examine the causes of the crisis. In the end, the FCIC issued a 500-page report on its findings, required reading for James and associate producer Maria Gavrilovic.
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