Subprime Brokers Charged

TEL AVIV (MarketWatch) – The Securities and Exchange Commission charged that five Los Angeles-area brokers “put their customers at risk by refinancing their homes with subprime mortgages that they could not afford.”
The agency, in a statement on Friday, said it charged the five with securities fraud, saying that the brokers executed the refinancings to “fraudulently sell [the homeowners] unsuitable securities.” It filed the case in U.S. District Court in Los Angeles.
The five – who were both mortgage brokers and registered representatives – worked for World Group Securities Inc., the SEC said. They “paid themselves high commissions on both the subprime mortgages and the securities purchases,” the agency said.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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