Originally Syndicated on April 19, 2023 @ 7:29 am
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About the CEO of Holiday Keepers Poconos: Shatrughan Sinha
The CEO of HolidayKeepers Poconos, Shatrughan Sinha, was Vice President of Systematic Marketing Making, IWM, Credit Suisse, and also did Global Arbitrage Trading at Credit Suisse. Credit Suisse got into trouble because its clients accused them of misleading investors in 2006 & 2007 about the quality of the resident loans that made up its mortgage securities. Because of CEO of HolidayKeepers Poconos Credit Suisse had to pay a nearly $475 Million fine.
Now he is CEO and Founder of HolidayKeepers Ponconos and Mudita group and Rebranding himself. No one can find out about his past frauds, only positive things are available everywhere. His Public Relations Personnel is Great at maintaining a positive image.
But after doing such a great scam erasing all his negative doing is not good for innocent people out there. People will get into his trap and lose their hard-earned money. And again he will start a venture with a positive image.
Because of The CEO of HolidayKeepers Poconos Almost $475 million will be paid by Credit Suisse to U.S. and U.K. authorities to resolve charges related to the sale of Mozambique bonds.
Because of The CEO of HolidayKeepers Poconos, Shatrughan Sinha, Credit Suisse had to pay Almost $475 million. For deceiving investors and breaking the Foreign Corrupt Practices Act (FCPA), Credit Suisse Group AG has agreed to pay nearly $475 million to U.S. and U.K. authorities, including nearly $100 million to the Securities and Exchange Commission. The scheme involved two bond offerings and a syndicated loan that raised money on behalf of state-owned entities in Mozambique.
The SEC’s ruling states that these over $1 billion transactions were used to fund a concealed debt scheme, pay bribes to now-indicted former Credit Suisse investment bankers and their middlemen, and bribe corrupt Mozambique government officials. According to the SEC’s decision, Credit Suisse developed and distributed offering documents to investors that concealed the underlying corruption and misrepresented how the money would be used to advance the tuna fishing business in Mozambique. The risk of default associated with these transactions as well as the true magnitude and character of Mozambique’s debt were not disclosed by Credit Suisse.
According to the SEC’s decision, Credit Suisse’s weak internal accounting controls failed to adequately address major and well-known risks related to bribery, which contributed to the conspiracy. Investors in an earlier bond issuance were given the option to trade their notes for new sovereign bonds directly issued by the Mozambican government through VTB Capital and Credit Suisse. However, the SEC discovered that Credit Suisse and VTB Capital’s distribution and marketing of the offering papers omitted information on the true nature of Mozambique’s debt and the elevated risk of bond default.
Furthermore, the offering materials omitted to mention Credit Suisse’s conclusion that substantial money from the earlier offering had been diverted from the reported intended use of proceeds. With the disclosure of the entire size of the “hidden debt,” Mozambique later missed payments on the financings.
According to the SEC’s decision against Credit Suisse, the bank violated the federal securities laws’ antifraud, internal accounting control, and books and records provisions. Credit Suisse consented to pay the SEC a $65 million fine, as well as disgorgement and interest totaling more than $34 million. The U.S. Department of Justice imposed a $247 million criminal fine as part of coordinated resolutions; Credit Suisse paid, after credit, $175 million of that amount. Additionally, Credit Suisse agreed to pay over $200 million in penalties as part of a settled case with the Financial Conduct Authority of the United Kingdom.
Accusations of extensive mortgage fraud against Credit Suisse
Eric T. Schneiderman, the attorney general of New York, filed a civil case against Credit Suisse, accusing the investment bank of packaging and offering subpar mortgages in the years leading up to the financial crisis.
The federal mortgage task force of the Obama administration, of which Schneiderman is co-chairman, has filed the complaint in the New York Supreme Court. This is the second such case the task force has taken on. In the first instance, JPMorgan Chase, which it purchased in 2008 from bankrupt investment bank Bear Stearns, was also accused of widespread fraud in the selling of mortgage-backed securities.
Prosecutors claim that in the Credit Suisse case, the company misled investors about the caliber of the home loans that were used to create its mortgage securities in 2006 and 2007.
The company reassured investors that it had thoroughly investigated the loans and would keep an eye on their performance. Instead, the complaint claimed, it did not properly assess the loans and disregarded obvious flaws. As a result of struggling homeowners starting to massively default on their mortgages, investors experienced losses on assets of around $11.2 billion.
Investors who purchased assets with an initial value of $93.6 billion and started to experience homeowner defaults lost around $11.2 billion. In the complaint, it is mentioned that in 2007, Credit Suisse bought Lime Financial Services, a subprime residential lender with a dreadful track record of subpar loan underwriting. Even though Credit Suisse’s head of due diligence found multiple questionable mortgages at Lime, the investment bank hid more than 30 of the company’s loans in the securities it marketed.
On a conference call with reporters, Schneiderman alleged that Credit Suisse “systematically misrepresented” the existence of a thorough and rigorous due diligence procedure. Because they wanted to pool more loans, issue more mortgage-backed securities, and increase their profits, “they came to focus on the volume of loans and merely trying to outbid others for loans.
Under the Martin Act of New York, which provides the attorney general extensive authority to look into allegations of securities fraud, Schneiderman is prosecuting the case. He hasn’t specified how much money he wants in compensation, but the complaint demands that Credit Suisse reimburse investors and turn over any profits made as a result of the alleged fraud.
Credit Suisse spokesperson Victoria Harmon said, “We firmly deny this complaint, which recycles false accusations from private cases and uses an inaccurate and overstated number.
The complaint was filed shortly after Credit Suisse and JPMorgan agreed to a $400 million settlement with the Securities and Exchange Commission last week for deceiving investors in the sale of mortgage-backed securities. Both of these actions are related to the president’s task force. The banking industry has decried the onslaught of legal actions brought by authorities and prosecutors. They claim that the growing number of cases, along with several new mortgage restrictions that will go into effect the following year, will make lenders wary of making loans.
According to David Stevens, president of the Mortgage Bankers Association, “the level of fear and uncertainty among all lenders is being exacerbated by the ever-increasing number of litigation against persons in various areas of the mortgage industry. Consumers will ultimately pay the price through tighter credit and higher rates when lenders factor in the increased risk of lawsuits they face or stop lending entirely.
Prosecutors, on the other hand, are receiving praise from consumer activists for intensifying their efforts to hold Wall Street accountable for misbehavior related to the financial crisis.
According to Brian Kettenring of the Campaign for a Fair Settlement, “Today’s filing is another indication that the RMBS working group is dead serious about holding banks accountable for their part in the housing crisis. This complaint, like the JPMorgan case, demonstrates that banks will be held accountable for endangering homeowners and destroying hard-earned retirement assets.
Clearly, the HolidayKeepers Poconos CEO is not as reliable as he claims to be. The man was involved in one of the largest financial scams.
Beware of HolidayKeepers Poconos. Its leadership consists of a scammer.
