The last phase in the Worst Bank Foreclosure Fraud in U.S. History entailed TWENTY separate elements of FRAUD on mortgage loans that were:
This entry covers . . .
FRAUD ELEMENT # 6
which involved . . .
Embezzling Income Through Fraudulent
Exercise of Assignment of Rents
|The Pit Stop of Durham|
On March 25, 2009, Paragon Commercial Bank hand-delivered a letter to all of Mr. Young’s commercial tenants at The Pit Stop of Durham, which FRAUDULENTLY stated his company, Spencer C. Young Investments, Inc., had defaulted on its loan to Paragon, and therefore Paragon was exercising its right under the terms of the loan agreement to begin collection of all rental proceeds from tenants.
With devious intentions, Paragon did not notify Mr. Young of having taken this action until April 3, 2009, when it sent an e-mail, albeit without giving him a call to confirm receipt -- going to Mr. Young was often subjected to cyber attacks that delayed his keeping up with e-mails. Jim Hoose of Paragon also sent a letter dated April 2 by regular mail, which oddly wasn't received until April 11 – it certainly shouldn’t take 9 days for a letter sent from Raleigh to be received in Chapel Hill. Paragon's sinister intention was to further perpetuate their fraud, while compromising Mr. Young's ability to timely respond.
To be clear – the declared monetary default was a FRAUD, as it was entirely concocted by Paragon, with the assistance of Poyner & Spruill. Accordingly, these efforts to divert ALL of Mr. Young’s income constituted yet another felony – to wit, EMBEZZLEMENT of income, and an instance of grand larceny theft.
The execution of these sinister actions were intended to catch Mr. Young off-guard, cause confusion among Mr. Young’s tenants, and cut off all of Mr. Young’s income, such that he was suddenly unable to continue supporting the large extended family that had long depended on him. And by doing this, the Perpetrators intended to cause intense personal strife to all of Mr. Young’s family, and give the false impression that he was abandoning them. This is yet another reason why the identified Perpetrators are aptly referred to as outright MONSTERS.
In an attempt to expose the FRAUD and stem the damages, Mr. Young fired off letters and had extensive conversations with tenants and members of his extended family throughout the month of April in an effort to stem the tremendous damage the Perpetrators were causing.
Importantly, Congress did NOT bail out Banks so they could defraud and persecute the taxpayers who bailed them out. Moreover, the corruption observed in this matter alone, suggests a threat to the integrity of the U.S. Justice System may exist.