Following over a decade after the collapse of our financial system, who is really at fault? Looking at the bigger picture, you have to ask if an ethical system led by both top finance professionals and authorities can go bust? Think about it. If a financial expert has your best interest in mind, will they do their best to help protect your assets? The unfortunate truth is, unlike most, some “financial professionals” are more concerned with the idea of separating you from them, typically seeking personal gain as a result. When a financial business engages in unfair or unethical activity it’s commonly labeled as dishonest, fraudulent, and illegal practice which is deceptive to consumers.
Such occurrences were regularly discovered throughout a handful of 2008 investigations into New Millennium Financial LLC, conducted by The Commonwealth of Pennsylvania acting through the Department of Banking, amongst numerous other Bureaus. At the time Andrew Klimenko was listed as the president and 100% owner of New Millennium Financial LLC.
On March 4th 2005, Klimenko established a company he named Appraisal Search LLC, for the purpose of collecting Appraisal fees in advance from consumers. 3 years thereafter on August 25th 2008 the bureau initiated an investigation of New Millennium. The Bureau’s investigation revealed New Millennium collected forty-three (43) advance fees from consumers during the 2007-2008 time frame totaling $24,973.44, which were deposited into the bank account held by Appraisal Search, LLC. Of the total amount of advance fees collected by New Millennium, the Bureau established that only $4,346.00 represented services actually rendered for the benefit of the consumers. The services actually rendered were provided not by New Millennium, but by independent appraisal companies, some or all of whom were not compensated despite the fact that the fees were collected from consumers. In an evocative attempt similar to racketeering and following violations of the Mortgage Act, the scam was put to an end.
However if you think the corruption ends there, think again. In addition to misusing the trust of consumers and engaging in deceptive activity, New Millennium provided subpar financial services, through individuals who were not individually licensed, and were not even employees of the company. To add to the complication, New Millennium was operating and originating loans under several company names. Individuals as such are still around and active in the financial services industry today, with many criminals likely requiring more than a slap on the wrist to learn their lesson. As a key takeaway, in an effort to grow and preserve your personal finances, be sure to seek out, choose, and work with professionals you know and trust, your future depends on it. Following over a decade after the collapse of our financial system, who is really at fault? Looking at the bigger picture, you have to ask if an ethical system led by both top finance professionals and authorities can go bust? Think about it. If a financial expert has your best interest in mind, will they do their best to help protect your assets? The unfortunate truth is, unlike most, some “financial professionals” are more concerned