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The Financial Issues Of Sergei Fedorov
by Paul on 09/06/09 at 10:38 AM ET
Comments (7)
from M.L. Elrick of the Detroit Free Press,
After the bank came for his Maybach, his Maserati and his two Ferraris, Sergei Fedorov went after the bank.
But Peoples State Bank isn’t the only lending institution Fedorov has accused of wronging him.
The Russian hockey hero and former Red Wing All Star claims Citizens State Bank and Sterling Bank also concocted schemes to get him to pay off loans they issued to Joe Zada, a former friend whom Fedorov has also sued.
Marc Beginin, one of Fedorov’s attorneys, claims the various banks conspired with Zada to make Fedorov pay off more than $10 million in loans taken out by Zada.
Filed in: Non-NHL Hockey, International Hockey | KK Hockey | Permalink
Tags: Sergei+Fedorov,
Comments
Doesn’t surprise me that banks should screw over third parties in order to make a loan to a crook like Zada. The bank management makes big bucks (salaries, bonuses, etc.) and tries to stick it to the other guy. Banks like these made my property value go to zilch! Go get ‘em Sergei!
Posted by Joe Hockey from Detroit on 09/06/09 at 03:57 PM ET
It doesn’t matter what someone “signed” if the signature was procured by fraud, or if material terms were not disclosed, or if the underlying loan was part of a scam. It seems like this is what’s going on.
Sounds like Sergei’s attorneys know exactly what they are doing.
Posted by RobertJ from Palm Beach on 09/06/09 at 04:03 PM ET
JOE ZADA IS BEING INVESTIGATED BY THE FBI AND THE SEC. THE BANKS WERE LOANING MONEY TO ZADA AND FEDOROV NEVER SAW ANY MONEY FROM THE LOANS? WTF WERE THESE BANKS DOING GIVING MONEY TO THIS ZADA CHARACTER IN THE FIRST PLACE?!!? SOUNDS LIKE ANOTHER BANK COVER UP.
Posted by Joe_Schmoe on 09/06/09 at 04:10 PM ET
Apparently Fedorov got ZERO funds from these “loans” to Zada.
My question is, how much money in salary and bonuses did the managers and officers of these banks get while they were giving money hand-over-fist to an accused Mini-Madoff!? Is this like the S&L scandal of the 80s, that the banks will fail, leaving shareholders holding the bag while the bank officers make off with their big salaries, scott free?
Are these the same banks that made fraudulent loans to millions of American consumers, that resulted in property value crashing, so my house is worth half of what I owe on it!?
The article is short on details, but it seems SF is accusing these banks of loaning money to a Ponzi scheme artist. If they didn’t check their facts, if they hid information from SF, if they participated in and/or willfully put themselves in the position to benefit from the fraud… I see a big win for SF!!!
Posted by I Don't Trust Banks from Michigan on 09/06/09 at 05:03 PM ET
Attention to the person using multiple names: I don’t mind you expressing your opinion, but using multiple names to get your message accros won’t cut it for me.
Posted by Paul from Motown Area on 09/06/09 at 05:07 PM ET
God speed dude; you’ve been fuched over like a porn starr. If it wasn’t for your amazing 13 years and three cups Sergei, I would write that you were a gifted douchebag with terrible decision making skills.
And I hope you took your Ferraris to a track once in a while, not just to Birmingham.
Posted by Osrt on 09/06/09 at 09:52 PM ET
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He alleges, however, that bank officials assured him he would not be responsible for repaying the loans, “regardless of what was stated in the actual documents.”
Sergei needs new lawyers.
Posted by Lindas1st from New England on 09/06/09 at 02:18 PM ET