Did you suffer losses because of the First Farmers Financial fraud? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you. Previously, First Farmers Financial’s former CEO Nikesh Patel and co-defendant Thomas Fisher allegedly sent the USDA falsified documents that overstated the financial stability of the loan company, in order for the agency to list it among program-approved lenders. Once the USDA listed it, Patel convinced the now-defunct, Milwaukee, Wisconsin-based Pennant Management to purchase their loans with more falsified documents. Pennant then bought 26 loans for $179 million. Patel then sent Pennant money he claimed were payments from the loans’ borrowers, when, in fact, they were not, and did not have the USDA’s backing. Some of the money Patel spent on cars, jewelry and homes and other personal expenses. Patel pled guilty to five counts of wire fraud. The University of Wisconsin Credit Union also claimed to have lost millions in the fraud through its dealings with Pennant Management. On Monday in Chicago federal court, a lawsuit was filed by a receiver on behalf of First Farmers Financial, suing a fund of Tennessee investment advisor Banes Capital Management, accusing it of benefitting from the $179 million loan fraud as well.
Please call our Chicago-based law firm at 312-332-4200 today if you suffered losses with First Farmers Financial. We may be able to help you recover your losses on a contingency fee basis. The call to us is free with no obligation. We take cases on a contingency fee basis only, so there is no paying us if you don’t recover.
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.