you're reading...
Banking & Finance, Scandals

2008 – #NY rogue lawyer preyed on #Yemen’i Diaspora in loansharking scheme

A scheme involving unlawful money lending or “loan sharking” dismantled by U.S authorities.”Yemeni expatriates in need of cash were introduced to Kramer, Neil S. Kramer, a New York attorney who provided loans ranging in amounts from $5,000 to $100,000.

In return, the borrowers were required to sign a “confession of judgment,” wherein the debtor “confesses” an amount due to a creditor before any lawsuit is filed and the creditor can use it to obtain judgment if the debtor does not make restitution. A confession of judgment requires the debtor to waive important due process rights, such as the right to a trial by jury, and is not legally recognized in many states. In addition, the confession of judgment left blank the amount of the loan, the terms of the loan and the due date – all to be filled in at a later time by the defen­dants. In some instances, the debtors were required to surrender the leases to their businesses, as well as their travel and residency documents, such as U.S. Citizenship and Immigration Service Permanent Resident Alien Cards (“green cards”) and passports, until their debts were paid in full.

View this document on Scribd

About yemenexposed

Exposing the corruption in Yemen


No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: