By Patrick Maitland
News Americas, NEW YORK, NY, Fri. Sept. 23, 2011: Just over two years since the New York State Banking Department suspended the license of 1st Republic Mortgage Bankers, Inc. for “engaging in dishonest and inequitable practices,” its founder and president, Scott P. Sisskind, is now a spokesman for United Northern Mortgage Bankers Limited of Levittown, NY.
Scott, who also filed Chapter 7 bankruptcy in the United States Bankruptcy Court on July 8, 2009, is a frequent guest on the “Trevor Ford Show,” aired daily on the popular WVIP FM 93.5, which has a large Jamaican/Caribbean audience.
Scott filed liabilities of $15.26 million, including creditors holding unsecured non-priority claims of $13.97 million, while his total asset was $1.93 million, including $1.36 million in real estate.
He also listed a short-term loan of $89,000 to president of Link up Media and popular radio personality on WVIP Radio, David Annakie as among his receivables.
According to the “Notice of Suspension” posted on the New York State Banking Department website and dated May 15, 2009, “on January 14, 2009, by an email, the Banking Department was advised that a warehouse line provider discovered improprieties in 1st Republic’s warehouse line accounts, including the double-booking of loans, the pledging of unclosed loans and the failure to properly disburse loan proceeds; and on January 22, 2009, 1st Republic’s General Counsel, Russell A. Fayer, advised the Banking Department that definite improprieties by an officer of the corporation had been discovered and that federal authorities were investigating the matter.”
1st Republic’s warehouse line was suspended on or about January 14, 2009 as a result of these improprieties, and during an onsite visitation, conducted January 27, 2009, it was discovered that 1st Republic closed 13 loans, totaling $4,659,318, on New York properties for which loan proceeds were not disbursed.
Several members of the Caribbean communities are demanding answers from the Banking Department, on Scott’s eligibility to continue selling and promoting mortgages.
A spokesman for New York State Banking Department, David Neustadt, told Street Hype that Sisskind had surrendered his banking license in 2009, and may not be authorized to act as a ‘banker.’
“We would have to hear his actual comments on radio, to determine if he is in violation of the Banking Act,” Neustadt explained.
Efforts to contact the management of United Northern Mortgage Bankers Limited was futile. However, responding a Street Hype call, an upset Sisskind declined to comment.
“I have no comments for your rag paper,” he shouted.
But, veteran broadcasted and host of the “Trevor Ford Show,” Trevor Ford explained that, based on discussions with Sisskind, he (Ford) was satisfied that the issues related to 1st Republic Bankers were settled.
Street Hype‘s legal advisor and attorney-at-law, David Calendar, observed that “legally Sisskind should be free to operate”, but questioned the principles and ethical grounds, since his (Sisskind) Bank was suspended for “engaging in dishonest and inequitable practices.”
“How could this man continue to promote the sale of mortgages to our community when his bank failed to comply with the banking regulations and he filed Chapter 7 bankruptcy?” radio host Clement Humes asked.
1st Republic Mortgage Bankers, Inc. was granted a license by State of New York Banking Department’s on May 10, 2001, to engage in business as a mortgage banker. The principal office was located at 110 Jericho Turnpike, Suite 200, Floral Park, New York, 11001. It ceased operations in 2009.
EDITOR’S NOTE: Patrick Maitland is the editor of Street Hype Newspaper