Here's something you might be interested in.
A former executive from Rancho Santa Fe, Michael Fanghella, has posted his resume online. He wants a "CEO consultancy" position for a salary of $150,000. This would be doing much better than his last stop: prison. Fanghella was chief executive officer of PinnFund, the Carlsbad mortgage operation that turned out to be one of the biggest Ponzi schemes in San Diego history. In 2003, Fanghella was sentenced to ten years in prison for his role in the scam. It is not clear yet how he got out early. It appears he may have helped finger others. He initially went to jail in 2001 as the scam unfolded. I hope to get that information and post more. PinnFund was dealing in subprime mortgages before they became household words.
Initially, the Securities and Exchange Commission charged that Fanghella, PinnFund and others raised $330 million from at least 166 investors for the purpose of funding the writing of home mortgages. Investors were told they would get as much as 17% a year. However, charged the SEC, Fanghella spent lavishly on himself, diverting at least $10 million in investor funds to buy a $5 million home, furnishings, and provide a lush lifestyle for a girlfriend, Kelly Cook, a so-called "adult" film star. Criminal charges followed and eventually Fanghella pleaded guilty to six felonies including money laundering, wire fraud, and tax evasion.
In his online resume, Fanghella boasts that he has an excellent background working for such former Wall Street firms as Loeb Rhoades and Drexel Burnham (which is generally nothing to brag about.) He does mention he was with PinnFund from 1992-2001. He notes that he oversaw the management of the subprime servicing division.
As to his adventure at PinnFund, he says on the resume, "I would rather discuss that in person or by phone." So I called him. He was not in a mood to discuss anything: "How did you get my number?" he barked. (It was on one of the resume copies.) "I am trying to get my life together. I am not going to give any comments. I have served my term." After a few other words, he hung up.
I didn't have a chance to ask him several questions, such as what he plans to do about the $4.1 million that he owes the Franchise Tax Board, and how he is supporting that Rancho Santa Fe home.
A former executive from Rancho Santa Fe, Michael Fanghella, has posted his resume online. He wants a "CEO consultancy" position for a salary of $150,000. This would be doing much better than his last stop: prison. Fanghella was chief executive officer of PinnFund, the Carlsbad mortgage operation that turned out to be one of the biggest Ponzi schemes in San Diego history. In 2003, Fanghella was sentenced to ten years in prison for his role in the scam. It is not clear yet how he got out early. It appears he may have helped finger others. He initially went to jail in 2001 as the scam unfolded. I hope to get that information and post more. PinnFund was dealing in subprime mortgages before they became household words.
Initially, the Securities and Exchange Commission charged that Fanghella, PinnFund and others raised $330 million from at least 166 investors for the purpose of funding the writing of home mortgages. Investors were told they would get as much as 17% a year. However, charged the SEC, Fanghella spent lavishly on himself, diverting at least $10 million in investor funds to buy a $5 million home, furnishings, and provide a lush lifestyle for a girlfriend, Kelly Cook, a so-called "adult" film star. Criminal charges followed and eventually Fanghella pleaded guilty to six felonies including money laundering, wire fraud, and tax evasion.
In his online resume, Fanghella boasts that he has an excellent background working for such former Wall Street firms as Loeb Rhoades and Drexel Burnham (which is generally nothing to brag about.) He does mention he was with PinnFund from 1992-2001. He notes that he oversaw the management of the subprime servicing division.
As to his adventure at PinnFund, he says on the resume, "I would rather discuss that in person or by phone." So I called him. He was not in a mood to discuss anything: "How did you get my number?" he barked. (It was on one of the resume copies.) "I am trying to get my life together. I am not going to give any comments. I have served my term." After a few other words, he hung up.
I didn't have a chance to ask him several questions, such as what he plans to do about the $4.1 million that he owes the Franchise Tax Board, and how he is supporting that Rancho Santa Fe home.