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February 5, 2009

Mortgage Fraudster Christopher Warren Flees on Private Jet

Move over Matthew Cox, there’s a new poster child for mortgage Fraud in America. From News10.com in Sacramento, California:

The mortgage broker who admitted on his company Web site that he had been involved in massive mortgage fraud was charged Thursday in connection with what was described as a $100 million scam.

The complaint was sworn by an IRS agent who said Christopher Warren, 27, fled the country on a private jet on Monday, the same day he replaced the home page of the Triduanum Financial Web site with a seven-page essay outlining his crimes and asking for forgiveness.

The complaint, filed in Sacramento federal court, is based in part on the confession that appears on Warren’s Web site and was first reported Monday by News10.

“The complete operation was highly illegal and a Ponzi scheme,” Warren wrote. “Still, I had no problems getting close to $50 million in mortgages purchased and closed.”

Warren is charged with bank fraud, mail fraud, and conducting a financial crimes enterprise. The charges stem from Warren’s earlier association with Roseville-based Loomis Wealth Solutions and related enterprises described by the IRS as a Ponzi scheme involving 500 properties in five states with losses estimated at $100 million.

The complaint alleges Warren committed his crimes at Loomis Wealth Solutions between September 2007 and July 2008, sometimes using the name Mark A. Seagrave.

Authorities raided the offices and home of the founder of Loomis Wealth Solutions, Lee Loomis, last summer. Warren is so far the only person to be charged in the investigation.

Warren incorporated Triduanum Financial after leaving Loomis Wealth Solutions. Triduanum, a mortgage banking operation based on Tech Center Drive in Sacramento, folded last month after apparently overextending its credit line.

In an email to News10 Sunday, Warren offered a “tell all” interview. “If you want to do any kind of coverage it would need to be tomorrow or Monday before 10 am PST,” he wrote.

The IRS did not say what time Warren’s plane left the country Monday.

Warren’s attorney, Donald Heller, told News10 he didn’t know where Warren is. Heller offered an apology to federal authorities who were derided in Warren’s online essay.

Posted By: Ralph Roberts @ 11:05 pm | | Comments (0) | Trackback |
Filed under: Christopher Warren

February 3, 2009

Triduanum Financial’s Christopher Warren Tells All!

Charles Ponzi (March 3, 1882–January 18, 1949)...Image via Wikipedia

Noticed this earlier today on Sacramento, California’s News10.com

The managing broker behind a failed mortgage operation posted a rambling essay on the company’s Web site describing his years of fraudulent activity and asking for forgiveness.

The seven-page essay by Christopher Warren, 27, replaced the home page of Triduanum Financial which abruptly closed its doors last month.

Warren said his career in the mortgage industry began when he was still a teenager and took a job with the now-defunct Ameriquest in 2001. Warren claimed he manipulated loan applications to secure financing and eventually hacked into the Ameriquest computer system to approve loans himself with no oversight.

Warren said he left Ameriquest three years later with the personal information of 680,000 Ameriquest customers to start his own mortgage banking operation in Sacramento called WTL Financial.

At the ripe old age of 22, a fraudster trained by the best corporate environment for fraud, I built a company modeled after the movie Boiler Room,” Warren wrote.

Warren said WTL Financial faked credit scores and W-2s to peddle loans to investors who failed to scrutinize the files.

I made over $2.25 million, all of which was spent on 24 cars, five houses and drugs,” he wrote.

Warren said WTL Financial originated $810 million in questionable mortgages before it collapsed in 2007.

Warren then moved on to work as a vice president for Roseville-based Loomis Wealth Solutions, which he described as a real estate Ponzi scheme.

Federal authorities raided the offices of Loomis Wealth Solutions last August and searched the Granite Bay home of founder Lawrence Leland Loomis. Among items they were looking for were “any documents pertaining to Christopher Warren.”

In his essay, Warren said he had been interviewed by the FBI and expected to be indicted for his role in operations at Loomis Wealth Solutions.

Public records show Warren struggled with other personal problems in 2008. In May he lost a $729,000 Folsom home to foreclosure and in November he finished three years of probation for narcotics possession.

State records show Triduanum Financial was incorporated last July. Warren’s essay did not address Triduanum Financial’s business practices, but an earlier Web posting said the company had exceeded its line of credit by $20 million and suggested homebuyers find another lender.

Warren did not immediately return phone calls or email from News10 seeking comment.

In his essay, Warren said he helped ruin the nation’s economy and hopes his experiences can help reform the mortgage and banking systems.

Almost a billion dollars of toxic assets came from me,” he wrote. “Looking back at the life I have led, I beg a higher power for forgiveness.”

Read Christopher Jared Warren’s entire confessional essay here.

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Posted By: Ralph Roberts @ 11:56 pm | | Comments (5) | Trackback |
Filed under: California, Christopher Warren, Mortgage Fraud, Ponzi Scheme