2008R00433 – Remington Financial Services
Defendant Matthew McManus – Sentencing 10/7/14@ 10:00 am, Judge William Yohn
Criminal Case No. 12-Cr-00190
The defendant used Remington Financial Group (“Remington”) to fraudulently induce hundreds of people searching for financing for business projects to pay Remington fees in excess of $10,000 each, by falsely claiming that Remington or its “investor” or “lender” was interested in providing financing for the customer’s project.
The fraudulent scheme, devised by Andrew Bogdanoff and Matthew McManus, was predicated on selling potential customers Remington’s “letter of interest,” commonly referred to as an LOI. This LOI indicated that Remington had a “lender” or “investor” interested in financing the person’s project based on terms set out in the LOI. In fact, at the time Remington issued the LOI, no Remington employee had spoken to any funding source and Remington knew that it would be unlikely, if not impossible, to find funding based on the terms in the LOI. To further induce customers to pay Remington this LOI fee, Remington employees would tell customers additional lies, such as Remington had already spoken to five capital sources that were interested in funding the customer’s project, or Remington had the ability to fund the customer’s project itself.