T.Smith
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They probably should've been paying closer attention.
Mike ashley trouble? (1 Viewer)
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They probably should've been paying closer attention.
What a POS. Not the 1st time for this guy. Over 50 million diverted and all he gets is 3 years. That's why these guys keep doing this stuff, when they finally get caught they hardly get any time. ( if they get any at all). Not sure if it works in that world but there is a saying " Snitches get Stitches"
mikebcurve
Nitro Member
By the time it went down I don’t think it hit them out of left field.
I beg to differ sir. To many racers turned a blind eye just for a chance to race. I bet there are a few racers had nothing to do with him who said "I told you so" when it went down.
And I think Ashley should be put a way for a long time after what he did to people and then try to move money around to hide it.
vegasnitro
Nitro Member
Ashley did the crime, so he should do the time.
However, I can't help but point out the hypocrisy of Ashley going to jail for $50 million in fraud, when the big banks committed 10s of billions of dollars in fraud, got a government bailout and ZERO indictments. In fact, most of the main players STILL work at the big banks or adjacent financial industries like credit rating services, hedge funds, etc.
However, I can't help but point out the hypocrisy of Ashley going to jail for $50 million in fraud, when the big banks committed 10s of billions of dollars in fraud, got a government bailout and ZERO indictments. In fact, most of the main players STILL work at the big banks or adjacent financial industries like credit rating services, hedge funds, etc.
mikebcurve
Nitro Member
Yes some sure did turn a blind eye. I just mean it wasn't totally unexpected by the time it happened. Even the ones that could see the writing on the wall were hoping for one last blast.
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ironpony
Nitro Member
I was a GC during the boom and met a lot of shady individuals in the mortgage /finance industry. They're doing anything to make deals work, mainly fixing appraisals to meet the loan needs. Most of the guys doing this were filing bankruptcy after the boom. I know several guys that lost everything basically because of greed. One guy took his whole family with him,
Jer
Nitro Member
his son is a crook or you referring to Mike? Didnt Mikes dad get into some trouble too?
I had a deal working for Torco Race Fuels to sponsor my Super Street/Gas car, with the plan to move to Top Sportsman. Cultivated the relationship for about 3 years with Evan. I don't condone what he did to get his money, but he sure wanted to spread it around and help people.
I won't name names, but there was 1 guy who was a major player in the whole scheme, that got away scott free...just disappeared
I like Mike as a person. We would email about racing/driving strategies and how to help focus more behind the wheel. I owe a lot of my success to him. But most don't know all the facts. He didn't do anything that the other subprime lenders weren't doing. They should all be penalized, not just a witch hunt on one person.
justafan
Nitro Member
Former NHRA Champion Mike Ashley Sentenced In Bank Fraud Case
Former NHRA champion Mike Ashley was sentenced last week for his role in a 2009 mortgage lending collapse. Ashley received a reduced sentence of three years in federal prison.
www.dragzine.com
stitcherbob
Nitro Member
Lend America Mortgage Fraud, 20 Years in the Making?
The civil lawsuit filed against Lend America parent company Ideal Mortgage Bankers takes aim at 40 Federal Housing Administration (FHA)-backed mortgages the Department of Housing and Urban Development (HUD) and the Justice Department claim were fraudulently approved by the New York-based lender.
www.housingwire.com
HEMI6point1
Nitro Member
All these posts about people wanting the ones in charge at the lenders to be penalized and blamed for the financial crisis. How about pointing some blame at the other side.... the people who work at the kind of job with the type of credit score that a lender should stay away from who knowingly signed papers to a house knowing they'll never be able to actually afford it as long as it fulfills their delusion of the "American dream" for a couple of years before it gets foreclosed on.
It's happening in the car industry today. Subprime auto loans. People getting their tax refund and using it as a minuscule down payment on some flavor of luxury car, truck, whatever knowing full well they won't be able to make the payments and get the vehicle repossessed in less than a year.... all so they can brag to their friends "hey look at my cool set of wheels!" That's why dealers that specialize in bank repos are licking their chops for all the glut of inventory that will go their way once this bubble bursts.
NitroRichFire
Nitro Member
As my dad would say “Money the root of all evil, it creates greed, which in turn creates self-centeredness!”
HEMI6point1
Nitro Member
You know what? "Lost their homes" what a load of shi*t. I'll be a bit less diplomatic than my other post above. I show no sympathy for those people. Let's say you're working as a cashier at a retail store, or a newbie at a contact center, or some other job that isn't very high paying and your credit is not so good from past issues. A regular bank won't approve you for a mortgage for obvious reason. So you find some obscure lender - in this case "Lend America" - that is willing to give you a mortgage knowing your actual income and credit score. If you fail to see that something is extremely fishy about this, then you're either blind, stupid or have such a delusion about "living the American dream" that you just don't care.
Jer
Nitro Member
I bet he still sleeps well at night lol. He def should have got more time, sounds like most of the family is corrupted. Lock him up with evan knoll and then they can talk about remember when lol
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