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PRESS RELEASE: David Findel, Former CEO of Worldwide Financial Resources Pleads Guilty to Bankruptcy Fraud

U.S. Attorney’s Office
September 19, 2011

District of New Jersey
(973) 645-2700

Former CEO of Worldwide Financial Resources Pleads Guilty to Bankruptcy Fraud

TRENTON, NJ—The former CEO of Worldwide Financial Resources, a New Jersey-based mortgage origination firm, pleaded guilty today to bankruptcy fraud in connection with his January 2010 personal bankruptcy petition, U.S. Attorney Paul J. Fishman announced.

David Findel, 46, of Monmouth County, N.J., pleaded guilty to an information charging him with bankruptcy fraud before U.S. District Court Judge Peter G. Sheridan in Trenton federal court.

According court documents and statements made in court:

On January 29, 2010, Findel filed for individual Chapter 7 bankruptcy protection. In his bankruptcy petition, Findel concealed almost $200,000 in personal assets from the U.S. Trustee, the bankruptcy case trustee, and creditors. Findel claimed in the petition he had $5,500 in cash on hand, no household goods, no jewelry, no automobiles, and no other personal property of any kind not already listed in the petition. However, according to documents and statements of witnesses, Findel actually had approximately $41,851 in cash on hand, eight watches with an estimated value of approximately $55,350, 21 boxes of fine china and silver with an estimated value of $13,965, approximately 511 bottles of wine with an estimated value of $44,540, 11 paintings with an estimated value of $7,750, and four pieces of jewelry with an estimated value of $6,240, at or around the time he filed the petition.

Findel claimed that in June 2009 he had transferred a 2009 Jeep Wrangler to another individual in exchange for $5,000, but documents and witnesses indicated he still possessed the vehicle, which had an estimated value of $19,350.

As part of his guilty plea, Findel admitted that he was the sole owner of all the above property. He agreed to forfeit all right, title, or interest in this property to the United States.

The count of bankruptcy fraud to which Findel pleaded guilty carries a maximum potential penalty of five years in prison and a fine of $250,000. Sentencing was scheduled for Nov. 14, 2011, before Judge Sheridan. Findel pleaded guilty Oct. 14, 2010, to an Information charging him with wire fraud in connection with an $11 million fraudulent loan scheme. He is scheduled to be sentenced on that count Sept. 27.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Michael B. Ward, in Newark, and Region 3 U.S. Trustee Roberta DeAngelis and the Newark office of the U.S. Trustee, with the investigation that resulted in today’s guilty plea.

The government is represented by Assistant U.S. Attorneys Aaron Mendelsohn of the Economic Crimes Unit and Frances Bajada of the Criminal Division in Newark.

This case was brought in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

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About FREDERICA CADE

Most of the information you will see comes from some Federal/state Government documents or Federal/State Governm Agency. -----------------------------------------------The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783 Fredericacade@gmail.com

Discussion

5 thoughts on “PRESS RELEASE: David Findel, Former CEO of Worldwide Financial Resources Pleads Guilty to Bankruptcy Fraud

  1. When people will understand that these bankruptcy rules are to help when you are in need not for fraud or cheat others.

    Posted by chapter 13 attorney chicago | December 15, 2011, 1:03 am
  2. Mr Weder, I am sure all the things you say are true, however fraud is not a victimless crime. When he sold these mortgages to third party lenders they are people who are son’s and parents. Perhaps they lost there money, jobs and self respect by being duped. I personally have met with David and believe he just got enamord with his own EGO and made teriible choices

    Posted by michael M | October 19, 2011, 9:40 am
  3. David Findel is a good DAD and son.He loves his family very much and hope he does easy time.It was a mistake & He is paying the price.To all the Gossip people out there SHUT UP! And leave the man alone.This is a horrible thing to go thru and though He did some wrong he didn’t kill anyone.Let him do his time in peace and remember he is a Father & a son.

    Posted by Mark Weder | September 22, 2011, 11:29 am
    • I assume Mr. Weder you personally know Mr. Findel and his past. Before you ask his “victims” to forgive him perhaps you should do some research on this individual. David buys his friends so I assume you have been purchased.

      Posted by seriously | November 4, 2011, 8:00 pm
    • A good dad keeps his children in mind at all times and in all facets of his life. He does not cheat, commit fraud or in any way potentially jeaperdize his relationship with or the emotional well being of his children. He does not make his children deal with the fact that their daddy is a criminal and is in jail away from them, no longer able to provide for them or protect them…can’t come to their games, their functions, see their school awards, take them places, hug them, tuck them in, tell them he loves them. David is not a good dad. Not only that, he’s not a good son…I personally know what his relationship with his parents has been in the past and it’s far from stellar. You’re right, he didn’t kill anyone but he sure did hurt a lot of people very badly…mostly his family. Shame on him…he knew better.

      Posted by Old Girlfriend | January 9, 2012, 10:23 am

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