State yanks all lending, escrow licenses of Sadek
July 11th, 2008, 3:10 pm · 3 Comments · posted by John Gittelsohn
The California Department of Corporations has revoked the lending and escrow licenses of companies owned by Daniel Sadek, who was profiled in the Register last year as the “High roller of home loans.”
The Department of Corporations said Sadek’s licensed companies — Quick Loan Funding, Platinum Coast Escrow, Loyalty Funding Inc., and Sadek Inc. — had failed to file required financial reports with the state.
Reached by phone today, Sadek declined to comment, other than to say “that’s not true” when asked about the license revocations.
The report on Platinum Coast Escrow noted that Sadek was 60 days late paying for storage of the company’s records, which are required to be preserved for five years. “Should Platinum Coast Escrow fail to bring its account in good standing by July 20, 2008, Penn Records Management shall destroy Platinum Coast’s books and records held at its facility,” said a June 27 order to cease operations.
The Department of Corporations originally sought to revoke Platinum Coast’s license because it found records indicating Sadek used the escrow money for $1 million markers to gamble at a Las Vegas casino.
To see the state’s license revocations, CLICK HERE.
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July 11th, 2008 at 3:37 pm
I was afraid we’d have to see that same creepy picture of Mr. Sadek with his wrecked Ferrari. The stringy hair, the patchy beard, the trendy 2006 clothes a 20 year old clubgoer in West LA might have worn, the scrawny physique, the slimeball sneer, etc. It’s just too much.
July 11th, 2008 at 8:35 pm
thank goodness he has all that money from “RedLine” to keep him living the lifestyle he so deserves.
July 13th, 2008 at 8:48 am
Here is a guy that made so much from nothing, he validates the saying “Whatever The Mind Can Conceive… It Can Achieve. (W. Clement Stone 1902)”. He also validates the saying” It’s How Much You Keep That Counts! Not How Much You Make, he obviously was racing to spend as fast as he made and Vegas is the perfect place for that. One thing history tells us, people who make their wealth from nothing will usually make it again, the question is…did he learn a valuable lesson?????
Keep watching