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Atlanta Home Loan

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K Chan

on 16 January 2013

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Transcript of Atlanta Home Loan

Short Summary Atlanta Home Loan April 2002 - Al formed Atlanta Home Loan (AHL), a mortgage lending and financing company, in Atlanta, Georgia
- Initial investment of $40,000
- Operated the company from his home Summer 2002 - Company grew rapidly
- 4 telemarketers and 8 loan officers who all worked from their homes
- Established banking relationships which allowed clients to borrow at wholesale rates
- Rates varied according to client FICO scores The Company - Leads were bought from list brokers
- Telemarketers called people on the lead lists to assess their interest in refinancing
- The lists were then passed on Al who distributed them to the loan officers
- Loan officers helped with the applications and ordered an appraisal and credit report - Admitted for EMBA in California, Al had several options for AHL
- As the company was appraised for
$600,000 and was continuing to grow, he decided to find someone to operate the
business in his absence Back to School
- June 2002 A Partner- July 2002 - Impressed by Joe's sales ability and being people oriented, the two reached a verbal partnership agreement
- Joe would invest $8,400 and be entitled to half of the profits
- Al soon found out Joe was irresponsible and terminated the agreement while appointing a new manager that lasted 3 days prior to rehiring Joe A New Partner and licensing agreement
- Sept 2002 - As Joe neglected his responsibilities once again, Wilbur, an acquaintance of Joe, was then hired and given the use and privileges of AHL until Al returned - While continuing to monitor the business, Al came to a dispute with Wilbur in the hiring for additional processors Monitoring from California- Late Sept - Wilbur soon used the signed cheques that Al left to Letitia to write $11,700 of themselves
- Despite Al attempting to prevent this, Wilbur managed to release the stop payments and cashed the cheques Subsequent Events - Al attempted to terminate the entire staff of his company but failed to do so
- Citizens Bank & Trust (CBT) requested for no documentation and enabled Wilbur to transfer the funds from AHL's corporate name to this new account Aftermath 1 - Police and FBI gave the case little attention due to the small amount of money involved
- Al had lost his business while Wilbur had further filed for a warrant for Al's arrest Aftermath 2 - Al had lost at least $15,000 in licensing fees and was forced to revoke AHL's mortgage banking license
- Incurred bills that he was unable to pay and resorted to selling his home Finale Group A
Chan, Kwan Yiu Kevin
He, Jing
Usmani, Muhammad
Zhou, Renee
Full transcript