FirstPlus Financial Group

FirstPlus Financial Group is a Texas-based mortgage company traded under the symbol FPFX. In 2011, a number of indictments and other legal actions showed that the firm had been taken over by Lucchese and Philadelphia Mafia families[1] 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.

According to the company, in June 2007 the gangsters forced the firm to purchase several firms under very unfavorable terms.[2] They may have looted $12 million from shareholders.[3][4]

On June 24, 2011, the firm filed for bankruptcy protection under Chapter 11.[5]

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]

See also

References

  1. 1 2 Berlin, Loren. "Mafia Takes Over Publicly Traded Company". DailyFinance. Retrieved 2012-03-07.
  2. ↑ "FirstPlus Financial Group, Inc. - Company News". Firstplusgroup.com. Retrieved 2012-03-07.
  3. ↑ "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.
  4. ↑
  5. ↑ "FirstPlus Financial Group, Inc. - Company News". Firstplusgroup.com. Retrieved 2012-03-07.
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