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Realtor
Gets 108 Months for Mortgage Fraud Scam - (www.7thspace.com) Michael Jacoby, age 44, of
Castle Rock, Colorado, and Derek Zar, age 30, of Commerce City, Colorado, were
sentenced last Friday by visiting United States District Court Judge Kathryn H
Vratil to serve 108 months in prison and 63 months in prison, respectively, for
a mortgage fraud scheme, the United States Attorney’s Office, the Federal
Bureau of Investigation, and IRS-Criminal Investigation announced. Following
his 108-month prison sentence, Jacoby was ordered to spend five years on
supervised release and pay $2,979,712 in restitution. Following his 63-month
sentence, Zar was ordered to spend three years on supervised release and pay
$1,417,902 in restitution. Michael Jacoby, Derek Zar, and co-conspirator
Susanne Zar were found guilty by a jury on August 30, 2012. According to the
indictments and testimony at trial, between January 2005 and continuing through
September 2006, in the State and District of Colorado, the defendants knowingly
devised and intended to devise a scheme to defraud various financial institutions
and other commercial lenders that funded residential mortgages and to obtain
moneys, funds, and other property owned by and under the custody and control of
those financial institutions and commercial lenders by means of materially
false and fraudulent pretenses and representations.
Obituary:
Pornographic Film Star of Deep Throat Who Became Realtor - (www.nytimes.com) Funny…. The arc of Mr. Reems’s life — which took him
from Marine to “Deep Throat” to mendicant to successful real estate broker —
came to renewed attention in 2005 with the release of “Inside Deep Throat,” a
documentary about the film’s legacy for which he was interviewed on camera. The
scheduled release this July of “Lovelace,” a biographical film starring Amanda
Seyfried as Linda Lovelace and Adam Brody as Mr. Reems, seems likely to ensure
his continued place in public memory.
Merkel Vents Anger at Cyprus Over Bailout Plan as Deadline
Looms - (www.bloomberg.com) European and Cypriot
officials were locked in talks to find a formula to avert the Mediterranean
island’s financial collapse, struggling to forge consensus on a bailout package
before the European Central Bank cuts funding. Cyprus’s
options narrowed today after Russia spurned a bid for a loan and
German lawmakers dismissed the Cypriot government’s latest rescue proposals.
That left the troika of international creditors to hammer out fresh terms with
President Nicos Anastasiades’s coalition focusing on the fate of Cyprus’s
ailing banks. “We believe that in the next few hours we could be able, with a
lot of difficulties, to reach a framework that will be within the policies of
the EU, European Central Bank and IMF,” Averof Neofytou, deputy president of
Cyprus’s ruling Disy party, told reporters in Nicosia, referring to the troika
of creditors. “We are trying hard. I believe we may have a result today.”
Why global economies face an age of deflation - (www.bloomberg.com) In recent years, monetary and
fiscal stimulus across the world have led to the assumption that serious
inflation, if not hyperinflation, is on its way. I believe chronic deflation is
more likely. The expectation of rising prices is reasonable. Most people have
only experienced inflation. The last meaningful episode of deflation was
in the 1930s. That’s also the last time the U.S. was truly at peace.
Deflation is a peacetime phenomenon. The U.S.’s bouts of inflation, however,
have historically occurred during wartime. That applies not only to shooting
wars, but to the Cold War and the War on
Poverty. These are periods when vast overspending by the federal government
is combined with a robust private economy. These aren’t the conditions we have
today, when government stimulus can’t offset private-sector weakness.
Eric Holder makes it official: crime is the economic model -
(www.economonitor.com) It’s official. The nation’s
top cop, Attorney General Eric Holder, has clearly articulated the
administration’s policy on crime at the biggest banks: it will not be
prosecuted. Indeed, as we’ve long expected, the criminals in top management
will not be investigated, they will not be indicted, they will not be
prosecuted, and they will not be punished. Period. If you want to lie, cheat,
and steal, the safest place to be is at an institution like Citi, BofA, Wells
Fargo, JPMorgan, or Goldman. There’s no downside to criminal behavior if you
can work your way to the top of any of these “systemically dangerous
institutions” (SDIs as Bill Black calls them).
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