400K PSL Bidder Charged For Fraud

The man who paid the highest premium for PSLs at the new stadium might not have done it on the up-and-up, according to NBC New York.

A die-hard Jets fan who paid a record $400,000 for rights to two 50-yard-line seats might now be watching the games from federal lockup.
David Findel posted a $1 million bond today after being charged with mortgage fraud. He used the equity on his exclusive Colts Neck, N.J., home to secure the bond, federal officials said … he was accused of devising a scam to defraud mortgage lenders of millions of dollars.

A federal complaint said he abused his position as the President and CEO of Worldwide Financial Resources by fraudulently obtaining money from lenders through a scheme to “resell identical residential home mortgages to multiple financial institutions” in New York and New Jersey.

Add in some interesting quotes Findel’s himself made from last October after his bid was awarded.

“I am amazed in the interest since I purchased them – how many people want to buy them for more than I purchased them for,” he said.

The current economic climate may have been hard on his industry, but Findel said that was all the more reason to buy the seats now, he said.

“Although part of the mortgage business is in turmoil, this is an opportunity to invest in my business – and to further demonstrate our loyalty to the New York Jets,” he said.

That first quote is classic. Creating a secondary market for something that doesn’t exist? Life often imitates … business … in this case.

Yikes. In so many ways, this perfectly encapsulates the problems many average fans have with the new stadium. Longtime devoted middle class fans who have been used to sitting on the 50 yard line for 20 years are being pushed out of the way for this. Now I’m not saying that this is what all auctioners are, but it just seems classic that this would happen. The team wanted big money, and they’ve got it. I just wonder if they care where that big money came from.




0 comments

Trackbacks

  1. [...] not go easy today on the Jets and what is titled in the Post as a “PSL Scam.” Using the indictment of former mortgage financier David Findel as a springboard, in brief Mushnick claims that the Jets have tried to pump up the [...]