Wednesday, September 2, 2015

Father and son switch: 'We're guilty' in loan ripoffs

800 victims; Bogdanoffs plead, McManus faces October trial in Remington frauds

Father and son switch: 'We're guilty' in loan ripoffs

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Andrew Bogdanoff, Chairman and CEO of Remington Financial Group. (Photo from merchantcircle.com)
Andrew Bogdanoff, Chairman and CEO of Remington Financial Group. (Photo from merchantcircle.com)

Andrew and Aaron Bogdanoff, father and son, reversed their previous not-guilty pleas and pleaded guilty in federal court in Philadelphia this morning in the Remington Financial/Remington Capital Group fraud case. They were among brokers accused of soliciting fees from hundreds of U.S. small businesses to arrange loans that never materialized; prosecutors say brokers kept millions in fees even though they knew there were no loans available for the hopeful -- or desperate -- borrowers.

Other Remington cases in other states have also brought guilty pleas. Former Remington boss Matthew McManus has pleaded not guilty and is scheduled for trial Oct. 28.

"I'm ecstatic," California business owner Ingrid Robinson, who collected victims' stories to add to her own and relentlessly pressed prosecutors in several cities, including Philadelphia, to bring charges, told me. “We pushed this case so far that [several] men were, in the end, indicted. And now they’ve started to plead guilty.

“Next, we’re trying to use this case to get reform of broker regulations," she added. We hope Congress will get up and put consumer regulations in case so we have options of getting back our money. The SEC won’t do anything. So we’re going to Congress."

Earlier:
   http://articles.philly.com/2012-04-27/business/31419905_1_indictment-george-venizelos-face-tax-fraud-charges
   http://www.philly.com/philly/blogs/inq-phillydeals/150636235.html
   http://articles.philly.com/2012-05-12/news/31669700_1_financing-state-political-campaigns-andrew-bogdanoff

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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