Top Fuel Bracket Car

February 21, 2022, 10:34 AM

1320racer

"In 1996, Michael Ashley, Lend America's Executive Vice President and Chief Business Strategist, pleaded guilty to two counts of wire fraud in connection with his work at "Liberty Mortgage", a company that was run by his family. His father, Kenneth Ashley, was sentenced to nearly four years in prison. Recalling the ordeal, Ashley stated: "I was just a pawn in a chess game between my father and the government...It doesn't affect my ability to do lending.

Pursuant to an October 20, 2009 Attorney General Civil Complaint, Ashley worked for numerous mortgage companies despite a State Banking Department ban. According to the complaint, Lend America listed Ashley as involved in "marketing," while his true function was to train the staff to originate FHA-backed mortgages and his pay was tied to the value of the loans the company made. Thus in the fiscal year that ended Sept. 30, 2008, when the company made $1.075 billion in loans, Ashley's compensation was $5.375 million.

Ashley frequently stars in Lend America's late night infomercials. In addition, Ashley, uses his car racing career to promote the company.

In July of 2019 Mike Ashley, was sentenced to three years in federal prison for his role in the 2009 collapse of the $1 billion-a-year mortgage lender. In addition to the three-year prison sentence, Ashley was ordered by Judge Joseph Bianco to pay $49 million in restitution and forfeit $800,000."

2nd one down...

https://www.justice.gov/file/1357111/download

February 21, 2022, 11:23 AM

CURTIS REED

Pretty stupid to hold the sins of the father against the son.

February 21, 2022, 11:58 AM

Tim Mitchell

Consider the source....

February 21, 2022, 12:13 PM

1320racer

Yes, consider the source, the US Government and consider the facts that he admitted guilt and ordered to pay $50m in restitution. Oh and grandfather too.

Just saying.

February 21, 2022, 12:14 PM

Big Steve

I wonder how much of the 49 million Mike Ashley has paid back if any? He is at the track with his son at every race.

February 21, 2022, 12:58 PM

1320racer

If you can pay back $49m

you stole a lot of money and proven white collar crime does pay.

February 21, 2022, 05:07 PM

Mike Stevens

quote:
Originally posted by 1320racer:
"In 1996, Michael Ashley, Lend America's Executive Vice President and Chief Business Strategist, pleaded guilty to two counts of wire fraud in connection with his work at "Liberty Mortgage", a company that was run by his family. His father, Kenneth Ashley, was sentenced to nearly four years in prison. Recalling the ordeal, Ashley stated: "I was just a pawn in a chess game between my father and the government...It doesn't affect my ability to do lending.

Pursuant to an October 20, 2009 Attorney General Civil Complaint, Ashley worked for numerous mortgage companies despite a State Banking Department ban. According to the complaint, Lend America listed Ashley as involved in "marketing," while his true function was to train the staff to originate FHA-backed mortgages and his pay was tied to the value of the loans the company made. Thus in the fiscal year that ended Sept. 30, 2008, when the company made $1.075 billion in loans, Ashley's compensation was $5.375 million.

Ashley frequently stars in Lend America's late night infomercials. In addition, Ashley, uses his car racing career to promote the company.

In July of 2019 Mike Ashley, was sentenced to three years in federal prison for his role in the 2009 collapse of the $1 billion-a-year mortgage lender. In addition to the three-year prison sentence, Ashley was ordered by Judge Joseph Bianco to pay $49 million in restitution and forfeit $800,000."

2nd one down...

https://www.justice.gov/file/1357111/download

And this proves what ?? when it comes to Justin??

February 21, 2022, 06:21 PM

imakehp

Nothing

February 21, 2022, 07:10 PM

B KING

February 21, 2022, 08:12 PM

BP758

quote:
Originally posted by CURTIS REED:
Pretty stupid to hold the sins of the father against the son.

Yes I agree, apples can roll far from the tree!

February 22, 2022, 06:43 AM

wideopen231

Quote, this is bracket racing forum. Sounding more like drag inquire newsstand paper now.

Agree the kid has been convicted of nothing and to my knowledge, he has not been accused of anything.

If you think about all the parts involved, the power level and just the nature of the beast. 4 runs that close is amazing.

February 22, 2022, 08:57 AM

Larry Scarth

What does Justin Ashley do for a living? Besides racing.

February 22, 2022, 09:43 AM

SlyFox

Racing (of all forms) has always been a place to spend money acquired by questionable means, unfortunately.

February 22, 2022, 09:46 AM

savoyracer

quote:
Originally posted by 1320racer:
Being that he’s in the family business, Whats the over/under on him being convicted. Like his father and grandfather?

Asking for a friend.

pot calling the kettle black!

not a friend

February 22, 2022, 10:02 AM

BP758

quote:
Originally posted by wideopen231:
Quote, this is bracket racing forum. Sounding more like drag inquire newsstand paper now.

Agree the kid has been convicted of nothing and to my knowledge, he has not been accused of anything.

If you think about all the parts involved, the power level and just the nature of the beast. 4 runs that close is amazing.

Hell of a crew chief and engine team. Ya can’t convict the kid of anything! but one hell of a job behind the wheel. Who cares what his dad did? Doesn’t seem to bother the owners. It’s over and done move on.