Michael Ashley: Guilty Plea and Other Controversies
In 1996, Michael Ashley, Lend America's Executive Vice President and Chief Business Strategist, pleaded guilty to two counts of wire fraud in connection with his work at "Liberty Mortgage", a company that was run by his family. His father, Kenneth Ashley, was sentenced to nearly four years in prison. Recalling the ordeal, Ashley stated: "I was just a pawn in a chess game between my father and the government...It doesn't affect my ability to do lending."
Pursuant to an October 20, 2009 Attorney General Civil Complaint, Ashley worked for numerous mortgage companies despite a State Banking Department ban. According to the complaint, Lend America listed Ashley as involved in "marketing," while his true function was to train the staff to originate FHA-backed mortgages and his pay was tied to the value of the loans the company made. Thus in the fiscal year that ended Sept. 30, 2008, when the company made $1.075 billion in loans, Ashley's compensation was $5.375 million.
Ashley frequently stars in Lend America's late night infomercials. In addition, Ashley, uses his car racing career to promote the company.
Read more about this topic: Lend America
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