SMG SM 131 Quiz: Exam 2 Reading Notes SM131
12 Apr 2016
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Toby"s father made him promise he wouldn"t be like his brother and commit fraud. 22 years later, toby committed massive bank fraud with millions of dollars. Toby founded a mortgage loan company-had reputation of being ethical and honest. 2004--found out his company was million dollars in debt. Took out loan on his own house; couldn"t state his current income--wasn"t making anywhere near ,000--first bad decision--toby didn"t see this as bad yet. Toby found more losses--needed more money to save business. Took out entirely false loan (not going to actually buy a house with it) Toby needed help fabricating documents; pulled in employees to help him--they all decided to help him. Monique mcdell was one of the employees that helped him. Toby got title companies to pull off loan fraud (people outside the company agreed to help him) Lamar pierce--vast majority of people assume they wouldn"t do what toby did, but most people are wrong.
