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Oregon Halts Activity of Originators
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December 29, 2008
Three managers of an Oregon mortgage company are at the center of a fraud scheme that has resulted in the company being fined, and the managers being ordered to “cease and desist.”
Eric Christopherson, Granville Budlong and Robert Paduano have been fined $30,000, with $15,000 suspended for four years as long as they do not violate Oregon mortgage laws. The trio worked as managers at Gibraltar Funding Corp, formerly based in Florida. They are accused of using fabricated documents and falsifying income information to obtain several loans, including those to its employees.
The new owner of Gibraltar Funding shut down the Florida office once the fraudulent activity was discovered.
Read story at BizJournals
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