What To Do If You Have Losses With First Farmers Financial and Pennant Management

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.