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Sec Sues Former Mortgage Exec

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10-10-2006, 03:01 PM

Veronica Corningstone Veronica Corningstone is offline

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Sec Sues Former Mortgage Exec

A securities fraud lawsuit was filed Friday against the former president of National Consumer Mortgage LLC, according to an announcement from the Securities and Exchange Commission Friday. The man is accused of raising more than $30 million from 200 investors. But instead of using the money for business operations, he used it to "pay off personal gambling debts and finance his lavish lifestyle," the announcement said.

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