Mortgage Fraud Justice Finally Served…Twilight Zone Style

From Gawker:

The U.S. Attorney for the Western District of Wisconsin announced a major conviction today in the ongoing criminal prosecution of the people who brought the economy to its knees four years ago via a toxic campaign of mortgage fraud. Meet James Wazlawik of Prescott, Wisc.

Wazlawik is 48 years old. He is married with three sons, one of whom was born with Down Syndrome and required heart surgery not long after he was born. Today he was sentenced to one day in jail and three years supervised release after pleading guilty to “making a false statement to a bank in connection with a home equity loan.” His crime: When he applied for a $150,000 home equity loan from Citibank in 2005, he put his signature to an “income verification form” claiming that his monthly income was $8,500. In fact, it was substantially less than that.

To date, no one in the executive ranks of Citibank—or any of the other Wall Street institutions that solicited and profited from loans like the one Citibank issued to Wazlawik—have been criminally targeted by the Department of Justice.

But Wazlawik now has a felony conviction on his record, will spend a humiliating day in jail, and will spend the next three years at risk of going to prison if he violates the terms of his release. You can sleep easy tonight, America, knowing that your Department of Justice is diligently going after those criminals who would do us harm.

Read the whole story and you’ll feel like you’re in the Twilight Zone.

Moral of the story – Justice serves the large and powerful – if you don’t want to go to jail you need to become To Big To Prosecute.  The small fish are open season.

Where is the Pecora commission when you need it?

Scott Dauenhauer CFP, MSFP, AIF

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