Translate

GPA Store: Featured Products

Tuesday, March 29, 2011

In Prison for Taking a Liar Loan

Dees Illustration
Joe Nocera
New York Times

A few weeks ago, when the Justice Department decided not to prosecute Angelo Mozilo, the former chief executive of Countrywide, I wrote a column lamenting the fact that none of the big fish were likely to go to prison for their roles in the financial crisis.

Soon after that column ran, I received an e-mail from a man named Richard Engle, who informed me that I was wrong. There was, in fact, someone behind bars for what he’d supposedly done during the subprime bubble. It was his 48-year-old son, Charlie.

On Valentine’s Day, the elder Mr. Engle said, his son had entered a minimum-security prison in Beaver, W.Va., to begin serving a 21-month sentence for mortgage fraud. He then proceeded to tell me the tale of how federal agents nabbed his son — a tale he backed up with reams of documents and records that suggest, if nothing else, that when the federal government is truly motivated, there is no mountain it won’t move to prosecute someone it wants to nail. And it was definitely motivated to nail Charlie Engle.

Read Full Article

Related Posts Plugin for WordPress, Blogger...
Enter your email address to subscribe to our newsletter:


Delivered by FeedBurner
widgets
1 Comments
Disqus
Fb Comments
Comments :

Jasper Roberts Consulting - Widget