PinnFund USA Ponzi scheme and Saxon Mortgage

DT in West Virginia said: “Saxon Morgage was told that my loan was a fraud from the word go, and that is not all. It was originaly funded through Pinnfund out of California and they were busted in a 300 million dollar ponzi mess.

Not only was the loan illegal on their end, but it was also on this end with false income statements and forgery, false appraisal, and possible wire fraud. Saxon Mortgage was well aware of all of this and still took the home I raised my children in and sold it.

The dirty bastard’s — they are scaming people all around the country and the government could give a rat’s patoot. It is the little man who gets walked all over.

I even called the F.B.I and they will not even call me back. I just don’t understand where is the justice in this country if you are poor then the justice system will not help but if you have a lot of money or well known they will even wipe your butt.

It just goes to show you the rich are for the rich and the poor? – well, too bad, just deal with it.

My phone number is (redacted), i have all the proof on paper that what i am telling you is the truth.”

Editors Note: PinnFund USA, Inc.
On March 21, 2001, the SEC obtained temporary restraining orders and asset freezes against Michael J. Fanghella, James L. Hillman and entities they controlled. The SEC alleged that defendants defrauded at least 166 investors of more than $330 million, purportedly to fund a sub-prime mortgage business at PinnFund USA. Instead, the defendants misappropriated the funds raised to support their extravagant lifestyle, to pay for PinnFund’s operational losses, to fund personal investments, to pay themselves commissions and fees, and to make payments to investors as Ponzi-scheme “yields.”