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 Post subject: Berg's minions are squirming about now
PostPosted: Fri Feb 25, 2011 12:38 am 
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Joined: Mon Dec 06, 2010 1:15 pm
Posts: 12
As I have been saying from the beginning, Berg didn't act alone. It was only a matter of time before his accomplices would be found out. And thanks to the excellent work of Bankruptcy Trustee Mark Calvert, they're now being exposed.

This is the tip of the iceberg. There are still many more of Berg's minions hiding in plain sight, all of whom are too afraid to come forward and 'fess up. Preferring the cowards' way out, they'll lie low, hoping the threats and gag orders that were signed by victims under duress, will "protect" them from prosecution. It's amazing how all bullies work the same. They're big tough guys when getting their kicks out of pushing people around. But they'll mess their pants in fear the minute they're held accountable for those same "tough guy" actions.

Stand by as Mr. Calvert continues his excellent sleuthing work! As the noose tightens and the list of others involved in this scam continues to grow, expect to see the identity of other law firms, agents, accountants, financial planners, doctors, developers, and members of other "respectable" professions revealed. There's nothing like public disclosure of one's complicity in crime (especially in the press) to make these cowards squirm.

Kind of blows the lid off their their "gag" agreements.

Quote:

Lavish lifestyle built with play money RAMI GRUNBAUM; The Seattle Times

http://www.thenewstribune.com/2011/01/1 ... -play.html

......Another Berg tactic was to take a genuine loan a Meridian fund had made and sell it without recording the sale, said Calvert. (the bankruptcy trustee)

Prosecutors say Berg admitted to them “he spent countless hours fabricating documents to mislead investors and independent auditors.”.....

But money was also necessary to keep the scheme going.....

......Two prominent accounting firms lent credibility to the Meridian funds, and bankruptcy trustee Calvert said he is preparing to sue them.

“The fraud should have been discovered,” he said.

Berg used some simple stratagems to mislead auditors at Moss Adams, a large Seattle-based firm, which produced audits for a trio of Meridian funds for three years.

The standard procedure is to send out confirmation letters to a random sample of mortgage borrowers and compare what they say they’ve paid with what the lender’s records say.

But Moss Adams didn’t notice most of the confirmations it sent out were going to post office boxes and coming back with the same handwriting, said Calvert.

Berg had rented more than 20 post office boxes and had the mail forwarded to another address in Seattle. He was replying to the auditors’ queries himself, according to the indictment. Berg also hired Deloitte Financial Advisory Services to do a “valuation report” on funds V through VII, meant just for Meridian management. Meridian, however, used it to reassure investors, touting Deloitte’s conclusion “the sample mortgage pool appears to be of higher quality and better performance” than comparable loan portfolios.

Moss Adams and Deloitte would not comment on their work for Meridian. Likewise, wealth advisers Cornerstone and Kibble & Prentice would not discuss their roles.


Read more: http://www.thenewstribune.com/2011/01/1 ... z1EwXnV0OE
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