Some interesting news on the mortgage acceleration scam by UFirst Financial.
Tracy Coenen, author on fraud investigation and blogger at Fraud Files, broke the news that UFirst may be looking to cash out and are seeking a buyer.
Tracy published a note that recently went to upper management at U1st Financial:
I know you’ve already met with Sorensen Group, but we still need them to sign the attached NDA. In fact each private equity / venture capital buyer that you talk to needs to sign this NDA.
Any leak to the field that the company is going to be sold will be devastating. We do not want anyone, including potential buyers discussing this.
Thanks.Rex H. Huang
General Counsel
United First Financial, LLC
Note: NDA means non-disclosure agreement. And I believe this means the beginning of the end. Of course, as Craig Hansen asks, “Where’s the value in UFirst? What would a buyer want? It’s not the technology they’ve developed – that’s crap. I supposed all they have going for them is some ongoing MMA payments, but whoever buys them out would presumably have to keep the MMA servers up and running in order to demand the payments keep coming in. And, they would be associating themselves with UFirst, whose name is now toxic. Who would touch that deal with a 10 foot pole?” Good questions my friend. I’ve been asking this myself.
Joe
…and the scandal continues to unravel. Once someone has a track record of corruption, who indeed would want to do business with them?