Breakout Session #18

Frank Drake

Maserati Misery - How Credit Unions are Targeted for High-End Car-Finance Fraud
Frank Drake, Esq., Smith Debnam Narron Drake Saintsing &Myers, Raleigh, North Carolina

Most credit unions are accustomed to making car loans for Mazda's and  minivans, not Maseratis or  Maybachs.  They are also eager to "run with the big dogs" and make big deals for big loans that promise big returns.  Their eagerness to serve, trusting nature and comparative inexperience with high-end exotics has attracted unwecome attention from fraudsters ready to fleece them in web-based credit loan deals secured by phantom exotics.  This segment will explain how it is done, how the CU can get mislead and what a CU can smell the fishy deal while the loss is avoidable.  This is not a "might be" scenario.  This is a "has happened" tragedy, even suffered by one credit union more than once.

About Frank Drake

Franklin Drake has been a partner in the Raleigh, North Carolina law firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a sixteen year practice specializing in creditor's rights, bankruptcy, and repossession law in Louisville, Kentucky. There, he was Senior Vice-President of William Mapother's law firm.  Mr. Drake graduated from the University of North Carolina in 1975 with a B.A. with honors and with his law degree in 1978. He has practiced in North Carolina, Kentucky, West Virginia and the federal courts of southern Indiana. For the last 30 years, he has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars. Sponsors include NASCUS, CUNA, NAFCU, ACUIA, AACUL, NCUMA, state regulators and more than two dozen state credit union leagues across the US. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys guiding his clients around compliance pitfalls and how NOT to get sued.

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