SEC Charges Former Chairman of Major Mortgage Lender With $1.5 Billion Securities Fraud and Related TARP Scheme

Washington, D.C. – June 16, 2010 – (RealEstateRama) — The Securities and Exchange Commission today charged the former chairman and majority owner of what was once the nation’s largest non-depository mortgage lender with orchestrating a large-scale securities fraud scheme and attempting to scam the U.S. Treasury’s Troubled Asset Relief Program (TARP).