President of Worldwide Financial Resources charged $11m for fraud
David Findel, President of Worldwide Financial Resourses, had made a real estate crisis last October by bidding $400,000 for 50-yard-line season tickets to watch the Jets play in the new Meadowlands stadium. Findel had been caught selling banks phony morgages to cover his losses on the Jets and his excuse was that the move was, in part, a business investment.
Yesterday, the alleged scheme finally crashed to the ground, and Findel stood before a federal judge in Newark, charged with an $11 million wire fraud.
U.S District Magistrate Judge Mark Falk released Findel on $1 million bond, which was secured by his house in Colts Neck which is $4 million.
Kevin O'Dowd, an assistant U.S. attorney, said "that if convicted of wire fraud Findel might spend 20 years in prison."
Findel abruptly shuttered his Worldwide Financial last week, leaving more than 100 employees out of work. Authorities say his family founded the firm in 1988 as a financial planning company
The firm might of helped homeowners with securing their loans from lenders, then again it lent money directly to buyers.
In those cases, Worldwide Financial Resources took out loans itself and resold the mortgages to pay them back
Each month, the firm financed roughly $90 million in mortgages, authorities said