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Frm Report

Frm Report

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Published by: nhpoliticalreport on May 12, 2010
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Report of the Attorney Generalto the Governor and Executive CouncilFinancial Resources Mortgage, Inc.
 Michael A. DelaneyAttorney GeneralRichard W. HeadAssociate Attorney GeneralJ. Christopher MarshallAssistant Attorney GeneralMay 12, 2010
 
iTABLE OF CONTENTSI. INTRODUCTION ........................................................................................................................ 1PageII. EXECUTIVE SUMMARY ......................................................................................................... 2A. Summary of Factual Background ..................................................................................... 2B. Summary of Findings ........................................................................................................ 4C. Summary of Recommendations ........................................................................................ 6III. METHODOLOGY ....................................................................................................................... 7A. Documents Reviewed ........................................................................................................ 7B. Interviews Conducted ........................................................................................................ 7C. DOJ Conflict Analysis ....................................................................................................... 8D. Authors of this Report ....................................................................................................... 8E. Limitations.......................................................................................................................... 9IV. ALLEGATIONS AGAINST FRM AND CLM ....................................................................... 10V. PONZI SCHEMES DEFINED .................................................................................................. 13VI. SECURITIES BUREAU ........................................................................................................... 14A. Analysis of Securities Bureau Jurisdiction ..................................................................... 14B. Administrative Enforcement by the Securities Bureau ................................................. 17C. Findings ............................................................................................................................ 23VII. BANKING DEPARTMENT ..................................................................................................... 28A. Jurisdiction ....................................................................................................................... 28B. Examinations .................................................................................................................... 31C. Consumer Complaints Filed With Banking ................................................................... 36D. Administrative Enforcement ........................................................................................... 37E. Conflict of Interest – Peter Hildreth ............................................................................... 39F. Findings and Conclusions................................................................................................ 40
 
iiVIII. RELATIONSHIP BETWEEN BANKING DEPARTMENT ANDSECURITIES BUREAU ........................................................................................................... 43IX. DEPARTMENT OF JUSTICE.................................................................................................. 44A. Jurisdiction ....................................................................................................................... 44B. Legislation Affecting DOJ’s Jurisdiction ....................................................................... 45C. Consumer Complaints Filed ............................................................................................ 48D. Civil Bureau – Client Counseling Role .......................................................................... 50E. Contacts with Other DOJ Bureaus .................................................................................. 51F. Findings and Conclusions................................................................................................ 52X. RECOMMENDATIONS ........................................................................................................... 53A. Modify the Exemptions to the Consumer Protection Act ............................................. 53B. Establish Consumer Protection Regulatory Working Groups Among SimilarRegulating Agencies ........................................................................................................ 54C. Require Full Time Hearing Officers ............................................................................... 55D. Clarify the Exception within Securities Law to Allow Regulation of Investments inTrust Notes Secured by Real Estate ................................................................................ 55E. Establish a Financial Services Unit Within DOJ ........................................................... 56F. Establish Written Recusal Policies ................................................................................. 56G. Require Separate Legal Entities For Different Regulatory Oversight .......................... 56H. Mandate a Regulatory Disclosure Form ......................................................................... 57I. Establish Statewide Centralized Business Lookup Function ........................................ 57J. Add a Securities Lawyer Position at DOJ ...................................................................... 58

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