Business Services Industry
Recurring nightmare: broker's fraud trial to rekindle memories of problems at Leader. (Leader Mortgage Co.)
Crain's Cleveland Business, April, 1993 by Thompson, Chris
A criminal trial scheduled for U.S. District Court here next month could reopen a messy chapter in the history of Leader Mortgage Co. Leader, one of Cleveland's largest mortgage generators with a portfolio of more than $2 billion, claims it was a victim of fraud in the late 1980s. One of the alleged perpetrators will go on trial May 19 on 10 charges of fraud and tax evasion under a criminal indictment filed by the Justice Department.
In addition to the indictment filed against former independent mortgage broker Peter J. Moran, the Leader case has spawned at least two lawsuits and a theft conviction and is a factor in the bankruptcy proceedings of a Cleveland apartment building. Leader also faces potential losses connected with 41 mortgages totaling $157 million,...
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