September 4, 2012 UPDATE: September 6, 2012
Which Housewife’s brother-in-law was indicted in U.S. District Court on charges of conspiracy and securities fraud? The brother-in-law was indicted, convicted and served time… and a period of probation… for securities fraud. He was stripped of his license and is said to be using surrogates and “straw men” for further business dealings.
This Housewife’s husband is in the very same business!
NOT: Adrienne Maloof!
UPDATE: Of course this was NOT the beloved Adrienne Maloof!!
Who else would it be… but PT Housewife?!
Reid Drescher’s brother, Stephen Drescher, was indicted in 2000 for securities fraud…
“… Separately, attorney Stephen J. Drescher, former director of corporate finance at Monroe Parker Securities Inc., was indicted in U.S. District Court in Manhattan on charges of conspiracy and securities fraud in the manipulation of some of the same IPOs in the Madden case. Drescher faces a 20-year sentence.”
A more informative explanation re Stephen Drescher from GetOutOfDebt.Org:
“… So let’s see if I can summarize this case and give you all the juicy bits. So Elimadebt, which consists of Stephen Drescher, Robert Denton, Ryan Sasson (Stephen Drescher’s step-son), Ian Behr, David Feingold, and Daniel Blumkin, collectively known as the Elimadebters decide to perform diligent research using the internet website of debt settlement industry’s professional association known as “The Association of Settlement Companies” (TASC), in order to locate a reputable company to associate with regarding Elimadebt providing sales, marketing, and pre-qualification of potential clients, which resulted in their speaking with Nicholas De Segonzac, who is the former president of TASC, and David Leuthold, who is the current vice-president of TASC.
Long story, short, everyone fell in love and an agreement was born where Elimadebt would sell debt-settlement marketing services and send the clients to Johnson Law Group for $1,500 per ‘packet’ and get paid $100 per month per debt settlement package for 15 months. Elimadebt would also get $500 per packet for a “Personal Financial Analysis Form Packet’, whatever the heck that is.
In the complaint, Johnson Law Group with Advanced Client Solutions says that Elimadebt Stephen Drescher was the CEO of Biltmore Securities, Inc and Biltmore was an entity formed and used by Drescher and others to commit securities fraud.
Drescher was indicted, convicted and served time and a period of probation for securities fraud. Drescher was stripped of his license and is now using surrogates and “straw men” to be involved in Elimadebt. Drescher was a major investor in Elimadebt.”
NOTE: PT’s husband, Reid Drescher is no angel either in the financial arena! More on Reid Drescher’s “CapeFinancial” later…
(Thanks to SH readers “LB” and “CH”!!)