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New Haven Financial, Calabasas, CA / mortgage fraud

1 Calabasas, CA, United States Review updated:
Contact information:
Phone: 818-222-5222

FILED: October 16, 2008 DEPARTMENT OF REAL ESTATE
SCHEDULED HEARING DATE: June 15, 2009
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BEFORE THE DEPARTMENT OF REAL ESTATE


STATE OF CALIFORNIA


* * * * *

No. H-35387 LA

ACCUSATION


In the Matter of the Accusation of

NEW HAVEN FINANCIAL INC;

and, LAWRENCE S. RABINOFF,

individually and as designated

officer of New Haven Financial Inc.,

Respondents,


The Complainant, Robin Trujillo, a Deputy Real Estate Commissioner of the State of California, for cause of Accusation against NEW HAVEN FINANCIAL INC., and LAWRENCE S. RABINOFF, individually and as designated officer of New Haven Financial Inc., alleges as follows:


1.

The Complainant, Robin Trujillo, acting in her official capacity as a Deputy Real Estate Commissioner of the State of California, makes this Accusation against NEW HAVEN FINANCIAL INC. and LAWRENCE S. RABINOFF


2.

All references to the “Code” are to the California Business and Professions Code and all references to “Regulations” are to Title 10, Chapter 6, California Code of Regulations.


LICENSE HISTORY

3.

A. NEW HAVEN FIIANCIAL INC. At all times mentioned, NEW HAVEN FINANCIAL INC. (“NHF”) was licensed or had license rights issued by the Department of Real Estate (“Department”) as a real estate broker. On July 28, 1994, NHF was originally licensed as a real estate broker by LAWRENCE S. RABINOFF as the designated officer.

B. LAWRENCE S. RABINOFF. At all times mentioned, LAWRENCE S. RABINOFF (“RABINOFF”) was licensed or had license rights issued by the Department as a real estate broker. On September 16, 1989, RABINOFF was originally licensed as a real estate broker; and

C. At all times material herein, NHF was licensed by the Department as a corporate real estate broker by and through RABINOFF, as the designated officer and broker responsible, pursuant to Code Section 10159.2 of the Business and Professions Code for supervising the activities requiring a real estate license conducted on behalf NHF of by NHF's officers, agents and employees, including RABINOFF.


BROKERAGE AND LICENSED ACTIVITIES

4.

At all times mentioned, in the City of Calabasas, County of Los Angeles, NHF acted as a real estate broker and conducted licensed activities within the meaning of:

A. Code Section 10131(d). NHF operated a mortgage and loan brokerage; and

B. In addition, NHF conducted broker-controlled escrows through its escrow division under the exemption set forth in California Financial Code Section 17006(a)(4) for real estate brokers performing escrows incidental to a real estate transaction where the broker is a party and where the broker is performing acts for which a real estate license is required.


MORTGAGE LOAN AND BROKER ESCROW AUDIT

5.

On September 24, 2008, the Department completed an audit examination of the books and records of NHF pertaining to the mortgage loan and broker-escrow activities described in Paragraph 4 that require a real estate license. The audit examination covered a period of time beginning on March 1, 2005, 2006 to January 31, 2008. The audit examination revealed violations of the Code and the Regulations as set forth in the following paragraphs, and as more fully discussed in Audit Report LA 070290 and 070295 and the exhibits and work papers attached to said audit report.


TRUST ACCOUNTS

6.

At all times mentioned, in connection with the activities described in Paragraph 4, NHF accepted or received funds in trust (“trust funds”) from or on behalf of buyers, sellers, borrowers and escrow holders. Thereafter NHF made disposition of such funds. From time to time herein mentioned during the audit period, said trust funds were deposited and/or maintained by NHF in the bank accounts as follows:


“New Haven Financial Inc. Account No. [protected]” Union Bank of California P.O. Box 512380 Los Angeles, CA [protected] (escrow trust account)


“New Haven Financial Inc. Account No. [protected]” Union Bank of California P.O. Box 512380 Los Angeles, CA [protected] (loan servicing trust account)


VIOLATIONS OF THE REAL ESTATE LAW

MORTGAGE LOAND AND BROKER ESCROW AUDIT



VIOLATIONS OF THE REAL ESTATE LAW

MORTGAGE LOAND AND BROKER ESCROW AUDIT

7.

In the course of activities described in Paragraphs 4 and 6, above, and during the examination period described in Paragraph 5, Respondents NHF and RABINOFF, acted in violation of the Code and the Regulations in that they:

(a) Permitted, allowed or caused the disbursement of trust funds from the loan servicing trust account where the disbursement of funds reduced the total f aggregate funds in escrow trust account, to an amount which, on January 31, 2008, was $1, 939.65, less than the existing aggregate trust fund liability of NHF to every principal who was an owner of said funds, without first obtaining the prior written consent of the owners of said funds, as required by Code Section 10145 and Regulations 2832.1, 2950(g) and 2951.

(b) Failed to notify investors Sherman and Symonds that borrower Yniguez had defaulted on her loan, in violation of Code Section 10233(c)(1).

(c ) The bank accounts for the broker escrow and loan servicing were not in the name of the broker as trustee at a bank or other financial institution, nor designated as trust accounts, in violation of Code Section 10145 of the Code and Regulations 2832(a), 2950(d) and 2951

(d) No separate trust fund beneficiary records were maintained for the unidentified and unaccounted for trust funds in the loan servicing trust account in the amount of $2, 000, in violation of Code Section 10145 and Regulations 2831.1, 2950(d) and 2951.

(e) Charged financed points and fees in excess of $1000 or 6% of the original principal balance, exclusive of points and fees in the three (3) covered loan transactions for borrowers Yniguez, Goeckner and Ray, in violation of Financial Code Section 4979.6 of the Predatory Lending Act.

(f) Failed to provide Consumer Caution and Home Ownership Counseling Notice no later than three business days prior to signing of the loan documents in the Yniguez, Goeckner and Ray covered loan transactions, in violation of Financial Code Section 4973(k)(1) of the Predatory Lending Act.

(g)(1) Permitted and/or caused the disbursement of trust funds t credit report companies on the representation that these amounts were needed to pay for credit report fees, which payments exceeded the actual costs of these services. Respondents did not disclose to borrowers Yniguez, Rhodes, Balderas-Gallardo, Keshishi, Metcalf, Goeckner and Ray these “mark-ups” of said trust funds, did not obtain their consent to these “mark-ups”. Respondents retained the difference between the amounts paid and the actual costs of the services, in violation of Code Sections 10176(a) and 10176(g), and

(g)(2) Failed to disclose in writing to all parties including borrowers Anaya, Rhodes, Balderas-Gallardo, Keshishi, Metcalf, Arredondo, Goeckner and Cohen of HNF's financial interest and ownership of its escrow division, as required by Code Section 10176(g) and Regulation 2950(h).

(h) Failed to retain a true and correct copy of a Department of Real Estate approved Mortgage Loan Disclosure Statements signed by the broker for borrowers Yniguez, Anaya, Balderas-Gallard, Keshishi, Metcalf, Goeckner and Ray, as required by Code Section 10240 and Regulation 2840.

(i) Failed to retain a statement wherein the investors indicate whether or not the investment in the multi-investor loans that exceeded ten percent (10%) of the investors adjusted gross income or ten percent (10%) of the investors net worth, as required by each investor of whom meets one or both of the aforesaid suitability standards and qualifications, evidenced by a statement signed by the investor charged, and retained by NHF for four years, in violation of Code Sections 10238(f)(1) with respect to borrowers Yniguez, Rhodes, Balderas-Gallardo, Keshishi, Metcalf and Arredondo.



DISCIPLINARY STATUTES AND REGULATIONS


MORTGAGE LOAN AND BROKER ESCROW AUDIT

8.

The conduct of Respondents NHF and RABINOFF described in Paragraph 7, above, violated the Code and Regulations as set forth below:

PARAGRAPH PROVISION VIOLATED

7(a) Code Section 10145 and Regulations 2832.1, 2950(g) and 2951

7(b) Code Section 10233(c)(1)

7(c) Code Section 10145 and Regulations 10145 and Regulations 2832(a), 2950(d) and 2951

7(d) Code Section 10145 and Regulations 2831.1, 2950(d) and 2951

7(e) Financial Code Section 4979.6

7(f) Financial Code Section 4973(k)(1)

7(g) Code Sections 10176(a) and 10176(g) and Regulation 2950(h)

7(h) Code Section 10240 and Regulation 2840

7(i) Code Section 10238(f)(1)


The foregoing violations constitute cause for the suspension or revocation of the real estate license and license rights of NHF and RABINOFF, under the provisions of Code Sections 10176(a) for substantial misrepresentation, 10176(c) for a continued and flagrant course of misrepresentations or making of false promises through real estate agents or salespersons, 10176(g) for undisclosed compensation, 10177(d) for violations of the Real Estate Law, 10177(g) for negligence or incompetence.


MISREPRESENTATION

9.

Respondents NHF and RABINOFF intentionally engaged in the conduct above set forth in Paragraph 7. Alternatively, Respondents NHF and RABINOFF engaged in deceit by way of negligent misrepresentation, in violation of and Code Sections 10176(a) for misrepresentation, 10176(i) for fraud and dishonest dealing and/or 10177(g) for negligence or incompetence.


10.

The overall conduct of Respondents NHF and RABINOFF constitutes negligence or incompetence. This conduct and violations are cause for the suspension or revocation of the real estate license and license rights of Respondents NHF and RABINOFF pursuant to Code Section 10177(g).


11.

The overall conduct of Respondent RABINOFF constitutes a failure on his part, as officer designated by a corporate broker licensee, to exercise the reasonable supervision and control over the licensed activities of NHF as required by Code Section 10159.2, and to keep NHF in compliance with the Real Estate Law, and is cause for the suspension or revocation of the real estate license and license rights of RABINOFF pursuant to the provisions of Code Section 10177(h).



WHEREFORE, Complainant prays that a hearing be conducted on the allegations of this Accusation and that upon proof thereof, a decision be rendered imposing disciplinary action against the license and license rights of Respondents NEW HAVEN FINANCIAL INC. and LAWRENCE S. RABINOFF, under the Real Estate Law (Part 1 of Division 4 of the Business and Professions Code) and for such other and further relief as may be proper under other applicable provisions of law.

Dated this

Deputy Real Estate Commissioner


cc:

New Haven Financial Inc.

c/o Lawrence S. Rabinoff D.O.

Sacto

Audits – Darryl M. Thomas

Kimberly Wessler

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Comments

  • St
      10th of Mar, 2009
    0 Votes

    Should I invest with New Haven Financial?
    I have a significant amount of money to invest since my family sold a commercial property and we hadn't yet identified a 1031 exchange property. I had previously met a representative of New Haven Financial and she gave me her card. Her name is Allyson Straus, Sales Representative, New Haven Financial, Inc., Calabasas. Here is a link to it: http://www.losangelesbusinessregister.com/ID/14/showcompany.asp

    I called New Haven last week and spoke with Larry Rabinoff. I told him of Allyson's referral, and he told me what types of investments his company makes. He said that Allyson has a license with him and was working to bring in business and would make sure to give her a share of a commission.
    I asked my real estate agent to check them out, and found this website and some unsettling complaints. I was told that the California Department of Real Estate did not have a registration for Allyson Straus. They also told me there was a Straus listed and associated with New Haven Financial, but it is for someone named Donna Alberta Straus. Here is a link to it:
    http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=00593466
    This is very confusing.
    My agent checked who Allyson Straus is and said she is a 45 year old living in Agoura Hills, California. Her maiden name seems to be Demarco. Also, there is no real estate license listing for Allyson Demarco with the state. My daughter did a search and found a recent picture on Facebook of a woman Allyson Demarco Straus who seems to be in her 30s or 40s posing with a man named Scot Fine who it turns out is listed as CFO with New Haven Financial. Here is a link to it:
    http://www.facebook.com/people/Scot-Fine/1074372623

    My daughter found that the woman listed with New Haven Financial, Donna Straus, is 70 years old and lives in Indio. Her license was issued in 1977 which would have made Allyson about 12 or 13 years old at that time.
    That is why I did my checking and need to know if anybody understands this.
    Thank you.
    Stella C.

  • Da
      20th of Mar, 2009
    0 Votes

    Wow! Mr Fine and his company has some serious explaining to do. The state's complaint looks pretty comprehensive to me. and it doesn't seem likely they would have gone to all this trouble without just cause. How did they learn about this anyway? and what about Stella's comments? I saw the business card on the link-it says Alyson/New Haven Financial, and the agency listing is for Donna, both with the same last name (I had to copy the link text and paste it into the browser bar). Is Allyson using Donna's credentials? Are they mother and daughter and did it happen with the consent of New Haven management? That doesn't sound right to me.
    New Haven: how about providing a plausible explanation here and now? That would include addressing every point raised by the state and by Stella?? (you're gonna have to do it anyway.)

  • Fr
      25th of Mar, 2009
    0 Votes

    Scot R. Fine, CEO New Haven Financial, 24025 Park Sorrento, Calabasas, CA.
    New residence at 5441 Calvin Avenue, Tarzana, CA 91356
    Various problems: home purchased on December 12, 2007 for $1, 750, 017, but not recorded for more than a month in the next year, on January 17, 2008.
    Another problem: just like the house in Hidden Hills (5919 Spring Valley Road, Hidden Hills, CA 91302), taxes due by Dec 10, 2008 are now delinquent, for almost $13, 000. New tax bill of almost $12, 000 is due in 2 weeks.
    How is it that CA Department of Real Estate does not have a true and timely update of this salesperson’s address?
    There seems to be a disturbing pattern here.
    How is it that the chief executive officer of a mortgage company can’t take care of his own real estate taxes? Was his ability to pay his new loan properly validated? Have company funds been used/misused to fund this purchase? Has Larry Rabinoff properly qualified for his new home loan?

  • Ca
      5th of Apr, 2009
    0 Votes

    First off, he is not the CEO or Chief anything. Mr. Fine does not even possess a Brokers License. Lawrence Rabinoff is the Chief your all wondering about. Mr. Rabinoff is also the gentleman whom the DRE is investigating and quite likely and deservingly will go to prison. Mr. Fine is just one of those subordinates whom was put in "charge" while the boss is away and is attempting to have his cake and eat it too. You all know what I mean, theres one in every office LOL.

  • Fr
      7th of Apr, 2009
    +1 Votes

    Mr. Scot Fine-still has not paid real estate taxes:

    Tax status as of April 7, 2009:

    Treasurer and Tax Collector
    Los Angeles County
    Treasurer and Tax Collector

    Property Tax Payment Inquiry

    Last updated Monday April 06, 2009
    Assessor ID Number: 2163-003-045 Year: 08 Seq. No.: 010


    ELECTRONIC FUND TRANSFER (EFT) NUMBER
    ID#: 19 2163 003 045 9 YEAR: 08 SEQUENCE: 010 1


    Installment 1 Installment 2
    Tax Amount $2, 183.17 Tax Amount $2, 183.17
    Penalty Amount $218.31 Pen/Cost Amount $0.00
    Total Due $2, 401.48 Total Due $2, 183.17
    Paid Amount $0.00 Paid Amount $0.00
    Balance Due $2, 401.48 Balance Due $2, 183.17
    Delinquent If Not Paid By 12/10/2008 Delinquent If Not Paid By 04/10/2009
    Message: DELINQUENT
    Assessor ID Number: 2163-003-045 Year: 08 Seq. No.: 000


    ELECTRONIC FUND TRANSFER (EFT) NUMBER
    ID#: 19 2163 003 045 9 YEAR: 08 SEQUENCE: 000 2


    Installment 1 Installment 2
    Tax Amount $8, 463.01 Tax Amount $8, 463.00
    Penalty Amount $846.30 Pen/Cost Amount $0.00
    Total Due $9, 309.31 Total Due $8, 463.00
    Paid Amount $0.00 Paid Amount $0.00
    Balance Due $9, 309.31 Balance Due $8, 463.00
    Delinquent If Not Paid By 12/10/2008 Delinquent If Not Paid By 04/10/2009
    Message: DELINQUENT
    Assessor ID Number: 2163-003-045 Year: 07 Seq. No.: 010


    ELECTRONIC FUND TRANSFER (EFT) NUMBER
    ID#: 19 2163 003 045 9 YEAR: 07 SEQUENCE: 010 2


    Installment 1 Installment 2
    Tax Amount $983.60 Tax Amount $983.59
    Penalty Amount $98.36 Pen/Cost Amount $0.00
    Total Due $1, 081.96 Total Due $983.59
    Paid Amount $0.00 Paid Amount $0.00
    Balance Due $1, 081.96 Balance Due $983.59
    Delinquent If Not Paid By 12/10/2008 Delinquent If Not Paid By 04/10/2009
    Message:
    Tax Status: DELINQUENT

  • Fr
      21st of Apr, 2009
    +1 Votes

    Tax status as of April 20, 2009 for Scot R. Fine, CEO New Haven Financial: 5441 Calvin Ave, Tarzana CA 91356

    Treasurer and Tax Collector
    Los Angeles County
    Treasurer and Tax Collector

    Property Tax Payment Inquiry

    Last updated Monday April 20, 2009
    Assessor ID Number: 2163-003-045 Year: 08 Seq. No.: 010


    ELECTRONIC FUND TRANSFER (EFT) NUMBER
    ID#: 19 2163 003 045 9 YEAR: 08 SEQUENCE: 010 1


    Installment 1 Installment 2
    Tax Amount $2, 183.17 Tax Amount $2, 183.17
    Penalty Amount $218.31 Pen/Cost Amount $228.31
    Total Due $2, 401.48 Total Due $2, 411.48
    Paid Amount $0.00 Paid Amount $0.00
    Balance Due $2, 401.48 Balance Due $2, 411.48
    Delinquent If Not Paid By 12/10/2008 Delinquent If Not Paid By 04/10/2009
    Message:DELINQUENT DELINQUENT DELINQUENT DELINQUENT
    Assessor ID Number: 2163-003-045 Year: 08 Seq. No.: 000


    ELECTRONIC FUND TRANSFER (EFT) NUMBER
    ID#: 19 2163 003 045 9 YEAR: 08 SEQUENCE: 000 2


    Installment 1 Installment 2
    Tax Amount $8, 463.01 Tax Amount $8, 463.00
    Penalty Amount $846.30 Pen/Cost Amount $856.30
    Total Due $9, 309.31 Total Due $9, 319.30
    Paid Amount $0.00 Paid Amount $0.00
    Balance Due $9, 309.31 Balance Due $9, 319.30
    Delinquent If Not Paid By 12/10/2008 Delinquent If Not Paid By 04/10/2009
    Message:DELINQUENT DELINQUENT DELINQUENT DELINQUENT
    Assessor ID Number: 2163-003-045 Year: 07 Seq. No.: 010


    ELECTRONIC FUND TRANSFER (EFT) NUMBER
    ID#: 19 2163 003 045 9 YEAR: 07 SEQUENCE: 010 2


    Installment 1 Installment 2
    Tax Amount $983.60 Tax Amount $983.59
    Penalty Amount $98.36 Pen/Cost Amount $108.35
    Total Due $1, 081.96 Total Due $1, 091.94
    Paid Amount $0.00 Paid Amount $0.00
    Balance Due $1, 081.96 Balance Due $1, 091.94
    Delinquent If Not Paid By 12/10/2008 Delinquent If Not Paid By 04/10/2009
    Message:DELINQUENT DELINQUENT DELINQUENT DELINQUENT
    Tax Status: DELINQUENT

    Lawrence Larry Rabinoff New Haven Financial

  • Sc
      27th of Apr, 2009
    0 Votes

    Scot Fine has never had any ownership intest in the property @ 5441 Calvin Ave, Tarzana, Ca 91356 nor does he reside in Tarzana.

    This just goes to show you that this site does not investigate, verify, or control any of its content as to its validity.

    BE CAREFUL WHAT YOU READ... YOU NEVER KNOW WHO IS WALKING THE DOG!

  • Ki
      30th of Apr, 2009
    0 Votes

    It's funny... Nobody has used their real name. This is all slander.

  • Fr
      1st of May, 2009
    0 Votes

    What is Scot R. Fine hiding from?
    5441 Calvin Avenue, Tarzana, CA 91356
    FROM PUBLIC RECORDS:
    Sales history (1992-present)

    $1, 750, 000 on January 17, 2008
    B: Nizanit Victoria Fine and Joe Zacharia
    S: Wilmer Valderrama

    $1, 250, 000 on April 18, 2003
    B: Wilmer Valderrama
    S: Catherine M Waymost (Trustee) and Revocable Waymost (Family Trust)

    FROM PUBLIC RECORDS:
    Fine, Nizanit V
    5441 Calvin Ave
    Tarzana, CA 91356-3033
    -------------------------------------
    Fine, Scot R
    5441 Calvin Ave
    Tarzana, CA 91356-3033
    __________________
    Zacharia, Joe
    5441 Calvin Ave
    Tarzana, CA 91356-3033

    Mr. Zacharia is another hard money lender, a fast-talking salesperson with California Equity Lenders Inc, 30101 AGOURA CT #119, AGOURA HILLS, CA 91301

    His address with Department of Real Estate is listed as 27659 IRON STONE DR UNIT #1, CANYON COUNTRY, CA 91351.

    Also employed with California Equity Lenders is Jaclyn Sutton. Stephen Sutton: License Number 01159511 is with New Haven Financial.
    Connect the dots.

  • An
      6th of May, 2009
    +1 Votes

    Dear Kim Gill-Rabinoff,
    Please be upfront with who you are. You are the wife of Larry Rabinoff, the president of this unethical mortgage company. Please don't conceal your relationship.
    Clearly there are many people who believe your husband's company (New Haven Financial Inc) has screwed them over royally.
    How do you sleep at night?

  • In
      11th of May, 2009
    0 Votes

    Have you been ripped off by New Haven Financial Inc., 24025 Park Sorrento, #150, Calabasas, California 91302?
    Do you have information that could help you and/or your fellow mortgage holders successfully seek redress against this corrupt mortgage lender?
    Send relevant information regarding New Haven Financial to:
    * * *
    Info@NewHavenFinancialInvestigation.com
    * * *

  • An
      13th of May, 2009
    0 Votes

    Time for a recap, with apologies in advance to the innocent:

    1-Mike Christl, former VP with New Haven Financial, now with California Equity Lenders, Agoura Hills.

    2-Kevin Velligan, former VP with New Haven Financial, now with California Equity Lenders, Agoura Hills.

    3-Gillee Sherman, former salesman with New Haven Financial, now with California Equity Lenders, Agoura Hills.

    4-Joe Zacharia, former salesman with New Haven Financial, now with California Equity Lenders, Agoura Hills.

    5-Jaclyn Sutton, related to Steve Sutton (currently VP of New Haven Financial), now with California Equity Lenders, Agoura Hills.

    6-Steve Sutton, currently VP of New Haven Financial, and being the only other broker around, the heir-apparent to Larry's position.

    7-Allyson Straus, unlicensed Sales Representative for New Haven Financial, illegally utilizing the license of another current New Haven Financial salesperson named Donna Alberta Straus.

    8-Todd Fine, former salesman with New Haven Financial and related to Scot Fine (who is current CEO of New Haven Financial), has an expired DRE license. He no longer lists New Haven Financial as employing broker. Smart move.

    9-Scot Fine, former CFO of New Haven Financial, now current CEO of New Haven Financial and also serving in the capacity of A.S. (acting simpleton) for this sterling organization. Salesman, not broker.

    10-Larry Rabinoff, current President of New Haven Financial, soon to have an all-expense-paid stay at a place called Folsom. License expiration date of September 15, 2009 if not sooner. Don't drop the soap, Larry.

    11-California Department of Real Estate Hearing scheduled to review the following issues: numerous major code violations including violation of real estate laws and regulations, negligence or incompetence for performing licensed acts, secret profit or undisclosed compensation, making substantial misrepresentations, continued and flagrant misrepresentations through salespersons, and more, including running an in-house escrow company without notification to clients/customers, and running that account in the red.

    Remember: these issues were raised in matters concerning New Haven Financial mortgages held by at least the following people: Sherman, Symonds, Yniguez, Goeckner, Ray, Rhodes, Balderas-Gallardo, Keshishi, Metcalf, Anaya, and Arredondo.

    According to the A.S. (Acting Simpleton Scot Fine), they all did something wrong.

    Updates to follow.

  • Sc
      14th of May, 2009
    0 Votes

    It sounds like you were "dooped" by your own husband. I will be more than happy to meet with you and any attorney of your choice to go over the file and go over the events that unfolded. The loan and the property title was insured by Ticor. If you have an issue it might be with them.

    James Harris has no affiliation with New Haven Financial, Inc. in any way.

    All of the people listed worked at New Haven Financial, Inc. in some capacity. They in turn left over

    Steve Sutton is not related to Jackie Sutton - That is just a coincidence that they share the same name.

    Allyson Strauss was a Sales Representative (no license needed) back in the 90's at our previous offices as you can see from the address listed. Its amazing how long things remain on the internet.

    Donna Strauss is Allyson's "Mother in-Law" and affiliated hereself with our firm last year.

    No "Representatives" of our company ever visited the home in 2006 and further it was probably some rouge individual(s) who tracts notices of defaults and misrepresented themselves to you.

    The audit by the department of Real Estate and the "ACCUSATION" as it is entitled is public record and the "CONCLUSION" will be also.

    Mr. Rabinoff's license is in full force and effect.

    And as a final note to this, I will say again that I will meet with you any time and if there is anything that we can do to help you resolve this situation we will do so. I am sure thatthe investors that now own the home would be willing to give it back for the money they lent. And if you do have an issue related to the situation in which your husband defrauded you and the title to the home, the title company would be responsible to make you and our investors whole.

    That would turn this lemon into Lemonade.

    I will no longer be responding to this complaint. Our doors are wide open @ 24025 Park Sorrento #150, Calabasas, Ca 91302 or 818 222-5222.

    Sincerely,
    Scot R. Fine
    Chief Executive
    Newhaven Financial, Inc.
    (the measly salesperson)

  • Ch
      15th of May, 2009
    0 Votes

    Scott, I have the business card from the individuals whom showed up in front of my gate in 2006 and witnesses, they were not rouge investors. In addition that does not dismiss the other two instances in which individuals associated with your firm came INSIDE my gate unannouced. Truthfully, we are just bantering over instances that don't really have a monumental bearing on this situation. I chose to elaborate and put an amount of focus on it because it does bring to light other than professional practice and behavior.

    ""It sounds like you were "dooped" by your own husband. I will be more than happy to meet with you and any attorney of your choice to go over the file and go over the events that unfolded. The loan and the property title was insured by Ticor. If you have an issue it might be with them.""

    Whatever the circumstances may have been, which I fully conceed may be at least in part my husbands doing, New Haven Financial assisted him in his endevour. Had your company not been dead set on pursing forclosure at the first call from me regarding my making the payments, I can guarantee you this would have had a very different and acceptable out come for myself as well as your firm. How do I know New Haven is not innocent in either helping my husband "dupe" me or "dupe" us both (more likely the case, knowing the facts surounding the cases of others now)? That is something I can not elaborate any details on, however, being well documented it confirms for me, my attorney, very reputable title officers I've spoken with and would confirm for you, that New Haven Financial is not innocent and is culpable of fraud.

    Yes, you are quite correct. The loan was insured by Ticor Title and Ticor will be whom I receive releif from. HOWEVER, as I'm sure you well know, Ticor Title will in turn persue litigation and releif from the company who solicited them to insure the loan, transfer of title, deed and ownership. New Havens transaction with my husband is fraudelent or at the very least will be deemed null and void by a judge. I can understand how you view the DRE accusations as minimal and inconciquential. My husbands transaction is full of the same MINOR infractions of California Real Estate Law. All of which occur every day in the majority of Real Estate and Mortgage offices around the country. It takes an informed and well versed individual in the field to identify them. I suspect 90 percent go unnoticed by the average consumer and possibly is only warrant of a "slap accross the wrist". However, when an individual (Rabinoff) takes things up a notch, perfecting the art of inconspicuously stealing property from unknowing persons uneducated in the field of Real Estate law, that is were I draw the line. Being an accountant, I surely do not expect my clients to understand how their purchases and sales affect their profit and loss. That is my job. I can either break a company, participate in the growth of a company for all to benefit OR I can create instances and circumstances that will benefit ME without regard for anyone else. The later would nessitate an investigation into all of my business associations and bring cause for my personal investigation as well.

    My analogy is not unlike what should happen with New Haven. From my personal experience and I've had alot in my field of auditing, when the small infractions are noticed first, upon further "digging" the "no-nos" get bigger. It is human nature to hide the worst, just the little "bo-bo's" are only lightly covered up.

    I don't expect a reply to this post from you Scott. However, I hope that you have (I'm assuming you have from your most recent post) looked in detail at my husbands file and can understand my unrelenting insistance on a wrong being made right. I do appreciate your offer of my satisfying the loan to my husband in exchange for my home. However, I just cant swallow paying off a loan which I did not benefit from. I will not and cannot contact you. At this point I've waited too long, have nothing to loose only gain and I'm not confident in the remotest sense of the word that your company would act in my best interest. Besides, there is nothing to contact you about...remember, Ticor is the flavor of the month. They will be contacting you I'm sure.

    Regards,

    Cheri Harris

  • Am
      21st of May, 2009
    0 Votes

    Cheri Harris:
    Regarding the goon squad ("gentlemen" as you so aptly put it) that visited your home without legl notice, did they include Dan Lambert, Dave Levy, James Powell, Todd Kaplan, or Ken Garner? These "gentlemen" are past and present employees of New Haven Financial.
    Also, what is the name of New Haven Financial's ace lawyer?

    Scot Fine/New Haven Financial:
    Your company made a business decision to lend to the Harris family. Part of that decision necessarily included a risk component that you decided you could accept. It is clear that you charged market (or higher) rates and fees to balance that risk. How can you now whine about your losses? Or, as Ms. Harris suspects, did you lend in good times with an eye toward (hopeful) default followed by a lucrative equity skimming payday?

  • Am
      6th of Jun, 2009
    0 Votes

    Here’s some of the real truth behind the horrific business tactics used by New Haven Financial, for which they are now being investigated by the California Department of Real Estate (DRE). A hearing on a major complaint is scheduled later this month.

    First, the reason behind the creation of California Equity Lenders (Agoura Hills, California) at the end of 2007 is that most of the sales staff had invested, together with a great number of friends and family members, in New Haven Financial’s loans. Big problem: the very bad lending practices practiced by New Haven Financial (at Larry Rabinoff’s direction) were now biting them, their friends and their relatives in the derriere. So much so that the loss by default of properties with New Haven Financial loans went from a trickle to a torrent. New Haven Financial’s income is derived from a combination of points paid at the onset of the loan, exorbitant marked-up processing fees, and a percentage of incoming loan payments on an ongoing basis. All of their trust deeds are recorded ONLY in the investors’ names, NEVER in New Haven Financial’s name, so New Haven is never on the hook for a defaulted and foreclosed property in which their investors’ funds were invested (typically as a 2nd mortgage although more junior positions are sometimes funded). Investors are still held responsible for keeping senior loans current to safeguard New Haven’s junior positions. New Haven continues to accrue fees and costs even on non-performing loans, and have to suck up auction and resale costs and expenses.

    Score in most cases: New Haven $$$, Investor 0.

    Many investors either do not anticipate or are not prepared to continue making capital infusions to keep the senior loans current when payment has ceased on New Haven Financial loans. These are very bad loans, and the defecting group of employees (another writer has provided a partial listing of those people) together with their friends, relatives, and investors have filed dozens of complaints with the DRE for these reasons. Civil law suits are also following. One witness has stated that in excess of 50 complaints have been filed with the DRE and Department of Corporations regarding illegal and unethical lending, collection, and foreclosure actions. In addition to California law, New Haven Financial is known to flagrantly violate RESPA requirements, which is the federal law regarding real estate matters.

    Numerous abuses have been noted by New Haven Financial borrowers, including points and interest exceeding legal limits, imposition of undisclosed fees, illegally charging and retaining premiums on third party, and unconscionable clerical and administrative fees. Worse, witnesses have corroborated falsification and manipulation of mortgage application information, including falsification of income, income source, liabilities, and employment. Related to this, and as noted by one writer on these blogs, is identity theft, in which a spouse would (unknowingly to him/her) be added to a mortgage application to pump up income and credit worthiness of the original applicant, to make the new-and-improved application more attractive to potential investors, especially on marginal applications and properties. Remember, New Haven only gets paid for funded applications.

    These misrepresentations further extend to bad, inflated appraisals, using appraisers either beholden to New Haven’s owner, or appraisers who simply request a magic number to achieve the desired loan amount. So what if the nearest “comparable” property is four miles away? The investors don’t know any better, and they are foolishly relying on New Haven to safeguard their investments despite these pie-in-the-sky figures, which are based on grossly inflated appraisals, complicit appraisers, and misuse of prior sales which are either stale, simply not comparable, or outside of a reasonable geographical area. Commonly, appraiser’s fees are marked up illegally.

    Let us review the escrow company favored by New Haven Financial. Reliable Trust Deed of Tarzana, California has been known to accept illegal deviations in title, including out-of-position stake holders, and to knowingly record these deviations at the direction of New Haven Financial’s management, including Larry Rabinoff and Scot Fine. Delays in recording, postponed and missed recordings and the like have been documented, always to New Haven’s benefit. Investors and borrowers alike have been defrauded as a result. Those people include the principles of Reliable Trust Deed, including Lynn Wolcott. That’s an interesting paper trail.

    Speaking of “trust”, New Haven Financial has been documented to violate laws regarding the use and nonuse of trust accounts. These violations include misuse of funds contained in the accounts, nonuse where law requires funds to be placed in trust, failure to inform clients of an in-house “captive” escrow account, and overdrawing the account which means that funds were withdrawn illegally.

    Now, consider the following: at least two of the remaining executives of New Haven Financial have sold or transferred title to their properties, within a time frame defined by laws regarding “fraudulent transfers”. The writer who has been tracking Larry Rabinoff (Westlake Village) and Scot Fine (Hidden Hills sale, transfer of assets to wife on Tarzana property) is on to something, which should be carefully noted.

  • Al
      30th of Jun, 2009
    0 Votes

    Judgement and stipulation (preliminary):
    New Haven Financial Inc. and Lawrence Rabinoff found to be in violation of various laws and regulations as follows:
    1) Business and Professions Code Section 10177(d) for willfully violating the Real Estate Law.
    2) Business and Professions Code Section 10145 for gross mishandling of trust funds.
    Preliminary sanctions:
    1) 30 day suspension
    2) $50, 000 monetary penalty

  • Ja
      15th of Jul, 2009
    0 Votes

    NEWS FLASH!

    New Haven Financial and Larry Rabinoff concede to breaking the law with respect to ALL of the factual allegations included in the Accusation filed on October 16, 2008:

    1.

    Misuse of trust fund accounts, including maintaining a negative balance.
    2.

    Failure to notify investors of borrower default on investments.
    3.

    Failure to maintain bank accounts in the name of broker as trustee, and failure to designate those accounts as trust accounts.
    4.

    Failure to maintain separate trust fund beneficiary records.
    5.

    Illegally charging financed points and fees in excess of $1000 or 6% of the original principal balance, exclusive of points and fees in numerous loans, in violation of the Predatory Lending Act.
    6.

    Failure to provide required disclosures, in violation of the Predatory Lending Act.
    7.

    Illegal mark-ups on various fees to customers, and pocketing the difference.
    8.

    Failure to disclose to customers in-house ownership of escrow division.
    9.

    Failure to retain proper records and disclosure statements.
    10.

    Failure to retain investor statements of suitability/qualifications/net worth/adjusted gross income.
    11.

    Substantial misrepresentations, including a continued and flagrant course of misrepresentations by intentionally engaging in this unlawful conduct or making of false promises through real estate agents or salespersons, undisclosed compensation, violations of the Real Estate Law, fraud and dishonest dealing and negligence or incompetence.
    12.

    Overall conduct of New Haven Financial and Lawrence Rabinoff constituting negligence or incompetence.
    13.

    Overall conduct of Larry Rabinoff constituting a failure on his part, as officer designated by a corporate broker licensee, to exercise the reasonable supervision and control over the licensed activities of New Haven Financial, and keeping New Haven Financial in compliance with the Real Estate Law.


    REAL ESTATE LAWS VIOLATED:

    7(a) Code Section 10145 and Regulations 2832.1, 2950(g) and 2951

    7(b) Code Section 10233(c)(1)

    7(c) Code Section 10145 and Regulations 10145 and Regulations 2832(a), 2950(d) and 2951

    7(d) Code Section 10145 and Regulations 2831.1, 2950(d) and 2951

    7(e) Financial Code Section 4979.6

    7(f) Financial Code Section 4973(k)(1)

    7(g) Code Sections 10176(a) and 10176(g) and Regulation 2950(h)

    7(h) Code Section 10240 and Regulation 2840

    7(i) Code Section 10238(f)(1)

  • Sc
      17th of Jul, 2009
    0 Votes

    I read the "Stipulation and Agreement" signed by the DRE and Larry Rabinoff filed on June 17, 2009. Everything that James K. says above is true.
    Which means that everything that Scot Fine said is false.
    What was Scot reading, the Sunday comics? Remember him saying that "the complete audit found minor infractions", and "upon the completion of the investigations the actual findings will be of record", and "New Haven takes pride in meeting customer needs and acts in the best interest of the consumer and its investors". Not so according to the DRE, which suspended NH's and Larry's license for 2 years. You don't do that except for MAJOR infractions. (they are on probation and paid some cash to stay in business during that time)
    John Dolenson said "I live in the United States of America where people are INNOCENT until PROVEN guilty. The complaint gives me caution to invest or use New Haven Financial, but let the courts and the licensing authorities deal with the complaint." They have spoken.
    Cheri Harris said in response to John's comments: "So you see, your posts are distracting us from warning and alerting other fraud victims whom may not otherwise know that they are not the only one out there." Amen to that, sister. You should be proud of yourself for calling it like it is.
    A.M. said: "Numerous abuses have been noted by New Haven Financial borrowers, including points and interest exceeding legal limits, imposition of undisclosed fees, illegally charging and retaining premiums on third party, and unconscionable clerical and administrative fees. Worse, witnesses have corroborated falsification and manipulation of mortgage application information, including falsification of income, income source, liabilities, and employment." Anybody see a trend here????
    Then Scot Fine says "Just read the final judgement in the case and you will certainly see that the violations and penalties assessed are minor at best. The DRE was bound to find something considering the tremendous volume of consumer and commercial transactions handled by New Haven over its history." By that logic, it is ok for the surgeon to leave a scalpel in the patient, or the school bus driver to drive drunk once in a while for as long as nobody gets hurt that's ok, until somebody actually does get hurt.
    And then he says "The DRE's accusation was inflamatory and slanderous in its narrative but if you read between the line you will see the violations are minor. " Not so smart, Scot. These people are watching you. Do you really know what "inflamatory" means? If you don't, then you certainly don't know what "slanderous" means.
    Maybe you ought to get back to the Sunday comics. Maybe Larry can explain them to you.

  • Nh
      20th of Jul, 2009
    0 Votes

    Below is a list of loan servicers who are licensed by the DRE and have submitted an application for exemption from the provisions of Civil Code Section 2923.52 and have either received a Temporary Order or Final Order from the DRE granting an Exemption from filing a notice of sale for an additional 90 days.


    WHICH ONE IS DIFFERENT????? YES, NEW HAVEN FINANCIAL IS THE ONLY ONE THAT WAS REJECTED FOR THIS EXEMPTION.
    IT'S NO SECRET WHY THEY WERE REJECTED—THEY ARE CURRENTLY SUSPENDED BECAUSE THEY HAVE BEEN FOUND TO BE BREAKING THE LAW IN ALL SORTS OF WAYS.

    NOTE: Click on the headings to sort by a specific column.
    LICENSE NO. ?
    SERVICER/LENDER ?
    DATE OF TEMPORARY ORDER ?
    DATE OF FINAL ORDER OR REJECTION ?
    STATUS ?

    * 01183819

    New Haven Financial Inc
    6/19/2009
    7/14/2009
    Final Order Rejected

    * 01799059

    Citadel Servicing Corporation
    6/19/2009
    7/2/2009
    Final Order Granted

    * 00657858

    Clifford Douglas
    6/17/2009
    7/2/2009
    Final Order Granted

    * 01525608

    Del Toro Loan Servicing Inc
    6/30/2009
    7/6/2009
    Final Order Granted

    * 01022780

    FCI Lender Services Inc
    7/9/2009
    7/15/2009
    Final Order Granted

    * 01054859

    Property Assets Inc.
    6/17/2009
    7/2/2009
    Final Order Granted

    * 01002882

    Val-Chris Investments Inc
    6/29/2009
    7/6/2009
    Final Order Granted

    * 01773687

    Wealthbridge Mortgage Corp
    6/19/2009
    7/9/2009
    Final Order Granted

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