Stonewater/Firstmagnus

Dud? Joined: 18 Feb 2008 Posts: 7

I AM A FORMET FMFC EMPLOYEE, DOES ANY OTHER EMPLOYEES KNOW WHAT THE h**l IS GOING ON WITH OUR MONEY THAT WE NEVER GOT???

ALSO WHEN IS STONE WATER GOING OUT OF BUSINESS?? HOPEFULLY THEY WILL SEND THAT S%$# BAG CEO USED CAR SALESMAN, SNAKE TO JAIL ALSO.

BEFORE THEY SCREWED FMFC EMPLOYEES OUT OF HEALTH INSURANCE AND NO LAST CHECKS HE SCREWED MY BOSS IN CHARGE OF THE NEW ENGLAND REGION OUT OF A JOB ALSO TO HIRE SOME CROOK NAMED KEN FERARRI FROM COUNTRYWIDE TO MESS UP THE REGION.

JUST VENTING HERE BUT ANY INPUT ON OUR MONEY WOULD BE GREAT

C-4 Joined: 09 Nov 2007 Posts: 1152

ummm....shouldn't this be First Magnus / Second Magnus?

Dud? Joined: 30 Dec 2008 Posts: 24

mortlieb wrote:

I AM A FORMET FMFC EMPLOYEE, DOES ANY OTHER EMPLOYEES KNOW WHAT THE h**l IS GOING ON WITH OUR MONEY THAT WE NEVER GOT???

ALSO WHEN IS STONE WATER GOING OUT OF BUSINESS?? HOPEFULLY THEY WILL SEND THAT S%$# BAG CEO USED CAR SALESMAN, SNAKE TO JAIL ALSO.

BEFORE THEY SCREWED FMFC EMPLOYEES OUT OF HEALTH INSURANCE AND NO LAST CHECKS HE SCREWED MY BOSS IN CHARGE OF THE NEW ENGLAND REGION OUT OF A JOB ALSO TO HIRE SOME CROOK NAMED KEN FERARRI FROM COUNTRYWIDE TO MESS UP THE REGION.

JUST VENTING HERE BUT ANY INPUT ON OUR MONEY WOULD BE GREAT

"STONED WATER" they are garbage lender whom cant even get licensed in the state the are out of!!!

Flash in the pan Joined: 13 Jun 2008 Posts: 63

Just the fact that these guys could even CONSIDER getting back into the business speaks volumes about the political backscratching, backroom deals going on... absolute garbage from top to bottom.

Dud? Joined: 16 Jan 2009 Posts: 12

We all may never see the money owed us. Certainly, even if we see it, what we get will most likely only be a fraction of what was owed.

The whole deal was nothing short of a scam.

Cherry Bomb Joined: 14 Mar 2007 Posts: 181

I agree with Dude that you probably won't ever see your money but remember payback is a b_ _ _h! These guys were scum when they worked for Mitchell Mortgage before they started 1st Mag aka Chater Funding. They will go down and big time! Then they hooked up with Nova and to tell you the truth I had a lot of respect for Nova until I read that the two were joining forces. Oh well this business made a lot of people a good income when they should have been working for minimum wage I just hope that now they can live on minimum wage if the can get a job that pays it.

Nitroglycerin Joined: 10 Sep 2007 Posts: 878

It is still going through slow channels in the court system. Chaulk it up as a lesson learned, and if you we do get any monies, consider it a Christmas gift. They took $23,886 on my monies. There is still a class action lawsuit pending against these guys, and you know how attorneys are. If they can get a pay day, they will keep working every angle. Attorneys - Snakes. Hope they work for us in this one.

The thing that puzzles me, is that people still do business with the Sullivan's. Magnus Title. He is still dipped into the Title world pretty heavily. Trips me out, that anyone would want to be asscoiated with him. He is here in Phoenix, and still a business man worth about 225Mil. Sory, Tom Sullivan Sr is worht that much, his son is only worth about 1/2 of that. Can't beleive the Feds are invesitgating the both of them.

Posted: Fri Jan 16, 2009 2:02 pm

I received a notice that I won't be receiving my money because what I listed I was owed wasn't what they think they owe me. So since there is a discrepancy I get nothing. I didn't expect it anyway but It does tick me off when it crosses my mind occasionally.

Dud? Joined: 16 Jan 2009 Posts: 12

Interesting, are you sure Sullivan is worth that much--- $250 million? I wonder how he got it?

Sullivan stripped out his initialinvestment in FMFC (which was small less than $1 million) plus over a $50 million dollars from a stock redemption, plus over $10 million in wages, bonuses and salary in the 12 months prior to the BK filing and all of us (the ex employees) simply got screwed. As well his son was paid and sucked out a similar amount. Not to overlook Jaggi and the others. They all had to know what was going on. They just did not care about "any of us" and left us hanging w/o jobs, lost pay, lost benefits, etc.

They honestly Screwed All the Employees--- all of us---

I have gone on with my life, have a good job, and am doing well, or as well as one can do after being *&#^(% buy these guys. I will never forget what I learned from these truly sneaky and bad actors, how the perpetrated their scam, and so far have gotten away with it. I've lost a lot of faith in the bankruptcy system which allowed this, the legal system which allows it for those who know how to work the system and the regulaltors who have ignored it or been too busy to deal with it.

Truly they should pay and I hope and prey they do pay in some way, in this life or the after this life ends (I suspect they won't be in heaven), and it hurts them badly just like they harmed so many good people who worked hard and were so committed to what they believed to be the "greater good" and what became in the end nothing but a scam job.

I had hoped the BK litigation trustee would go after them hard for preferencial transfers and fraud. I believe a case exists on the fraud side.
They certainly represented to all things were glorious while other lenders were in trouble and collapsing (false representations which gave comfort) and gave them time to pull the capital out of FMFC. Isn't that just like what the Palm Beach con man just did.... false representation leading to false beliefs and people giving him money to invest. Things built on a house of cards in that case to the tone of represented $50 billion. The Feds are ignoring that one. I guess were not big enough?

The FMFC owners did what appears to be similar, then bankrupted FMFC sfter stripping all the capital out paying it to themselves and leaving the employees without wages owed, commissions owed, bonus compensation owed, net branch managers short reserve accounts owed, leaving vendors unpaid, leaseholders screwed, and the list goes on including WAMU which collapsed (FMFC owed WAMU over $1 billion dollars on the line). I am sure the cool $1 + billion assisted in WAMU collapsing and our government having to provide bail out money.

I often wonder where are the regulators, both Federal and State?

Nitroglycerin Joined: 10 Sep 2007 Posts: 878

Well those numbers for the Sullivan's certainly arn't liquid, but if you look at their financial statements, whcih was made public knoweldge becasue of this case, their endless financial statement with everything they own is sickening, plus they play their game using every loop hole and every shell corp they can to hide their assets.

Yes, the Corp bankruptcy laws need to be reformed. Doubt it will ever happen though. It is a deep dark pit like social security.

Every year, I write off $3,000 in captial loss until I make up for what they owe me. It's are only remote way of offsetting it.