Deutsche Bank Financial Fraud On Wall Street & US Mortgage Scam Just The Tip of the Foreclosure Iceberg Linked To Stern Law Firm.

Deutsche Bank and David J. Stern as DJSP Enterprises set up Wall Strert for a big fall, when do the Federal Indictments come down?

According to Bloomberg financial writer and author, Michael Lewis, under  Josef Ackermann’s leadership at Deutsche Bank, the bank, through its New York Wall Street offices, set out to outdo Goldman Sachs in the home mortgage securitization bonanza of the past decade. Lewis documents the fact that Deutsche Bank in New York was selling what it knew were toxic waste or junk mortgage bonds on US subprime mortgages to “stupid German investors in Duesseldorf” as one Deutsche Bank New York bond trader told Lewis.

Assured Guaranty Ltd., owner of Assured Guaranty Mortgage Insurance Company of New York has sued affiliates of Deutsche Bank AG for over $312 million of mortgage-backed securities (MBS), the controversial bonds that the bond insurer guaranteed and says were “plagued by rampant fraud and misrepresentations.” Assured Guaranty is asking a judge to force Deutsche Bank to repurchase the loans, on which the insurer has already paid almost $60 million in loss claims with potential for tens of millions of dollars more. The suit was filed in New York State Supreme Court against DB Structured Products Inc. and ACE Securities Corp. The bond insurer, backed by billionaire Wilbur Ross, is also seeking reimbursement for the claims paid and for future losses.

Notable as well is the fact that two days after being sued for fraud in New York court, Deutsche Bank announced that it had set aside more in compensation for employees of its corporate and investment bank in the first nine months of 2010 than Goldman Sachs. Deutsche Bank reserved enough money to pay a bonus of 285,352 euros to each of the 16,194 workers at the division, which includes transaction banking, company data show, READ IT ALL CLICK HERE.

David J. Stern could go to prison, it would be Federal charges from the SEC and the Department of Justice; Chardan 2008 was set up as a special-purpose acquisition company, known as a Spac. A Spac, sometimes referred to as a “blank check” company, raises money from investors in an initial public offering with the stated purpose of using those funds to acquire a company, often in a particular industry or a specific part of the world.

Kerry Propper had previously been involved in Spacs that had acquired Chinese companies, and Chardan 2008 was another such venture. But in early 2009, S.E.C. filings show, Mr. Kerry Propper and Chardan 2008 changed direction after he was approached by Mr. Jaigobind about the possibility of investing in the back offices of David J. Stern’s foreclosure operations. Like Mr. Stern, major holders in DJSP Enterprises including Kerry Propper and Dr. Richard Propper (see Department of Justice complaint), who had received millions of shares at a penny each, were poised to make a fortune from the company. However, even though those shares were worth tens of millions of dollars last summer, they were restricted from selling them until earlier this year.

Eight Horror Stories From the Foreclosure Crisis See Slide Show Click Here.

Mr. Stern has a jet-propelled, 130-foot, $20 million-plus yacht called "Misunderstood," which replaced his 108-foot boat called "Lady J." And The NY Times (and Bill Warner) once mentioned, wonderfully, that Mr. Stern considered naming his new one something else, "Su Casa Es Mi Casa." It would have been the boating version of Greg Lippmann's famed I'm Short Your House!!! shirt, but Mr. Stern's wife and others "cautioned against it." Mr. Stern, wealthy and secretive, is turning into one of the foreclosure tragedy's main characters, although not much about his life and work are known—and the only public photos of him are grainy.

Stern Photos Grainy?  Not the David J. Stern photos I provided the AP and CBS News With Katie Couric see CBS video "Foreclosure "Robo-Signers" Unqualified" see link click here http://www.cbsnews.com/video/watch/?id=6959241n&tag=contentMain;contentBody#ixzz12NdduZmB

Sunday, May 23, 2010….DJSP Enterprises aka Law Offices of David J. Stern Major Share Holders Kerry Propper and Dr. Richard Propper Links to SBA Fraud.  DJSP Enterprises on the NASDAQ went from a high of $13.65 to a current low of $0.49 and David J. Stern got $55,000,000 up front to go public with this scam, see current NASDAQ quote, click here.


NASDAQ, DJSP Enterprises Major Shareholders David J. Stern (Law office Foreclosure Mill).  Major shareholder of DJSP Enterprises include Kerry Propper who is/was the Subject of Department of Justice Investigation and SBA Law Suit in 2003, see link click here. Richard D. Propper is also involved with DJSP Enterprises, he had at least two run-ins with the Department of Justice see link click here.   DJSP Enterprises is the Law Offices of David J. Stern, P.A., 900 S Pine Island Rd Ste 400, Plantation, Florida.

Kerry Propper is the Co-founder and CEO of Chardan Capital Markets. He drives the firm’s overall strategic direction and oversees its investment banking effort. In addition, Kerry has served as CEO of Chardan 2008 China Acquisition Corp. He currently sits on the Board of Directors of the U.S.-Pakistan Business Council; Hollysys, China Cablecom and China Networks (DJSP Enterprises link is omiited from his bio.)

WASHINGTON FRIDAY, DECEMBER 29, 2006 - The Justice Department announced today that it has filed a lawsuit accusing John Torkelsen (he was sent to prison), Richard Propper, Daniel Beharry, and Sovereign Bank of defrauding the Small Business Administrations Small Business Investment Company (SBIC) program of $32 million. The suit was filed in the Eastern District of Pennsylvania under the False Claims Act, which allows the United States to recover up to three times the amount of its losses plus civil penalties. The governments complaint alleges that Torkelsen, Richard Propper and Beharry violated the conflict of interest and management fee rules of the SBIC program by engaging in multiple secret transactions that funneled government money into companies controlled by Propper and Beharry or Torkelsen and his familyThe investigation of the fraud allegations against the defendants was conducted by the U.S. Attorney's office in Philadelphia, Pa.


DJSP Enterprises People Filing Results SEC - RICHARD D. PROPPER
Form Type Company Name Received;
20-F DJSP ENTERPRISES, INC. 4/8/2009
F-1/A DJSP ENTERPRISES, INC. 8/6/2008
F-1/A DJSP ENTERPRISES, INC. 8/5/2008
F-1/A DJSP ENTERPRISES, INC. 8/4/2008
F-1 DJSP ENTERPRISES, INC. 7/30/2008


U.S. sues to regain fraud loss for SBA: $32 million allegedly was funneled to private firms; Article date:December 30, 2006. The U.S. Justice Department filed a civil lawsuit in Philadelphia yesterday against imprisoned Princeton financier John B. Torkelsen, California businessman Richard D. Propper, and Connecticut lawyer Daniel P. Beharry for allegedly defrauding the Small Business Administration of $32 million. The former Main Street Bank in Philadelphia, predecessor to Sovereign Bank, also was named as a defendant.
THE U.S. SMALL BUSINESS ADMINISTRATION : CIVIL ACTION 2008;
Summary judgment against Defendants Richard D. Propper, Kerry S. Propper, P. Timothy Garton, Michael D. Chermak, Charles R. Smith, and Kenneth M. Borrow (collectively, “Individual Defendants”) and Acorn Connecticut Investments, L.P. (“ACI”) (collectively, “Defendants”).
(1) Judgment in favor of Plaintiff and against Defendant Acorn Connecticut Investments, L.P. in the amount of $1,161,333.33, plus accrued interest at $183.56/day after July 15, 2008;
(2) Judgment in favor of Plaintiff and against Defendant Richard D. Propper in the amount of $222,443.87, plus accrued interest at $35.16/day after July 15, 2008;
(3) Judgment in favor of Plaintiff and against Defendant Kerry S. Propper in the
amount of $43,333.33, plus accrued interest at $6.85/day after July 15, 2008.


Kerry S. Propper is a major shareholder (I/3 of all stock) in DJSP Enterprises as is Dr. Richard D. Propper all linked to the Law Offices of David J. Stern, P.A., 900 S Pine Island Rd Ste 400, Plantation, Florida.


Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM.