Version 2.0: How long before Laviolette gets canned?
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10-05-2013, 12:55 AM
Ed finally concedes!
Join Date: May 2010
Flyers coach suing Bank of America
Lavi trying to get his finances in order before he is unemployed....
Good luck trying to get Bank of America to admit to fraud...US Justice Dept can't even do it or doesn't want to (Too Big to Jail) ..they just slap them with civil suits and fines that amount to the cost of doing business for BoA...
According to the lawsuit in Palm Beach County Circuit Court, Bank of America laid out the plan in a 12-page brochure that included projections of real-estate values and investment values to substantiate its return on investment claims.
One such document projected that by leveraging the properties, the Laviolettes would increase their net worth resulting from these assets from $8.1 million after 30 years to almost $22.1 million - a gain of nearly $14 million, the complaint states, according to the Florida attorney.
At the time, Laviolette and his wife, Kristen, owned a home in Raleigh, N.C., and two homes in Florida. They still own all three.
The Laviolettes, CN reported, said they later learned that the high-return investment projections relied on "artificially inflated values for their properties and an unreasonable rate of return."
The couple is seeking seeks at least $3 million and rescission of the three loans, according to CN.
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