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ANDREW WIEDERHORN – a Jail Bird and Wilshire Credit Corp. CEO

ANDREW WIEDERHORN

Please review how shady this CEO is here http://www.123people.com/s/andrew+wiederhorn

This thug did time in jail and he also started Wilshire Credit Corp.

He’s from Portland, Oregon. He founded Wilshire Credit Corporation and served as its CEO, by the age of 32 amassing a fortune estimated to be worth $140 million.[1] Currently he is CEO and majority shareholder in Fog Cutter Capital, which had been listed for a time on NASDAQ (ticker symbol FCCG).

Wiederhorn founded Fog Cutter Capital after the 
following questionable investments involving union retirement funds.[2] However, US law enforcement continued a criminal investigation into Wiederhorn’s activities while at Wilshire Credit, which was ended when Wiederhorn pleaded guilty to filing a false tax return and paying Jeffrey Grayson, the head of Capital Consultants, an “illegal gratuity” in return for a 12-month sentence and payment of $4.6 million in fines.[3]

The controversy around Wiederhorn continued when the board of directors of Fog Cutter voted to give Wiederhorn a bonus equal to the fine he paid the US government, and paid his salary during his incarceration—despite Federal rules that a convict can not engage in business dealings while imprisoned. The immediate result was that NASDAQ delisted Fog Cutter; since 14 October 2004 the corporation’s shares have been traded on the pink sheets.[4] In addition Ernst & Young, the company’s independent auditors, quit on 16 July 2004; the company has since hired a local auditing firm to audit its books.

The long-term result was that Wiederhorn had his membership in the influential Multnomah Athletic Club suspended in October 2004. The Wall Street Journal described the Club as “the premier social center for executives, politicians and socialities in this city of more than half a million.”[5] After finishing his sentence, Wiederhorn has initiated a legal fight against the Club, claiming that it has treated him unfairly and that other Multnomah Athletic Club members who have committed crimes were not disciplined as harshly as him. One example he cited was his former business associate Lawrence Mendelsohn, who pleaded guilty in the same case involving Capital Consultants, but served no jail time.[6]

January 8, 2010 Posted by | News, Wilshire Credit Corporation | Leave a comment

Business Week’s snapshot of Wilshire Credit Corp.

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3600333

Wilshire Credit Corporation
SnapshotPeople

Company Overview

Wilshire Credit Corporation operates as a specialty loan servicing company in the United States. It involves in servicing of residential mortgage loans. The company was founded in 1987 and is based in Beaverton, Oregon. As of May 3, 2004, Wilshire Credit Corporation operates as a subsidiary of BofA Merrill Lynch Mortgage Capital Inc.

14523 S.W. Millikan Way

Suite 200

Beaverton, OR 97005

United States

Founded in 1987

Phone:

503-223-5600

Fax:

888-502-0120

www.wcc.ml.com

Key Executives

Chairman
Age: 47
Chief Investment Officer and Senior Vice President of Loan Operations
Senior Vice President of Loan Servicing
Chief Information Officer
Age: 45
Chief Technology Officer
Compensation as of Fiscal Year 2009.

Similar Private Companies By Industry

Company Name Region
Midland Federal Savings and Loan Association United States
Prime Rate Lending Group, Inc. United States
SCB Bank United States
Coatesville Savings Bank United States
The First, A National Banking Association United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 5, 2009

January 8, 2010 Posted by | News, Wilshire Credit Corporation | Leave a comment