FirstPlus Financial Group

FirstPlus Financial Group
Industryfinancial services
mortgage
HeadquartersTexas

FirstPlus Financial Group was a Texas-based mortgage company. In 2011, a number of indictments and other legal actions showed that the firm had been taken over by Lucchese crime family[1][2] by the use of threats and violence. They were able to remove the firm's entire board of directors and managers, replacing them with their own.[3]

At one point, the company had Vice President Dan Quayle as a members of its (legitimate) board of directors. American football player Dan Marino once served as its TV spokesman.[1]

According to the company, in June 2007 the gangsters forced the firm to purchase several firms under very unfavorable terms.[4] They may have looted $12 million from shareholders.[5][6]

On June 24, 2011, the firm filed for bankruptcy protection under Chapter 11.[7]

In 2014, mobsters William and James Maxwell were convicted for organizing crime, among other charges, having been accused of racketeering fraud and bribery for their involvement in unlawfully taking over FirstPlus Financial Group and using its money to buy luxury cars and a yacht.[8]

See also

References

  1. ^ a b Berlin, Loren. "Mafia Takes Over Publicly Traded Company". DailyFinance. Retrieved 2012-03-07.
  2. ^ "FirstPlus CEO: The mob took over our mortgage company". HousingWire. 2014-03-28. Retrieved 2020-02-04.
  3. ^ "United States v. Scarfo, No. 15-2811 (3d Cir. 2022)". Justia Law.
  4. ^ "FirstPlus Financial Group, Inc. - Company News". Firstplusgroup.com. Archived from the original on 2012-02-24. Retrieved 2012-03-07.
  5. ^ "Lucchese Organized Crime Family Member and Associate Among 13 Arrested, Charged for Racketeering and Other Offenses, Including Illegal Takeover of Publicly Traded Company". Justice.gov. 2011-11-01. Retrieved 2012-03-07.
  6. ^ Mulvihill, Geoff (November 1, 2011). "Reputed mobsters charged with taking over company". SFGATE.
  7. ^ "FirstPlus Financial Group, Inc. - Company News". Firstplusgroup.com. Archived from the original on 2012-02-24. Retrieved 2012-03-07.
  8. ^ Sakelaris, Nicholas (7 July 2014). "Mobsters convicted for taking over FirstPlus Financial in Irving". Biz Journals. Retrieved 6 May 2020.
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