When Walter and Elizabeth Cole, owners of the Cole Team, were served with Foreclosurepedia’s Motion to Intervene this week, it threw open the windows of transparency upon the darkened world of the Cole’s and their horrendous abuse of trust placed with them by over 200 victims. Those victims, Minority Females and Labor, stand today as the litmus test in determining to what lengths white privilege is brandished by people such as the Coles. The case into which Foreclosurepedia was compelled to file into was the Involuntary Bankruptcy of National Management and Preservation Services dba National Field Network (NFN). Owned by Shari Nott and Jack Jaffa, NFN had accrued nearly EIGHT MILLION DOLLARS of debt owed to Minority Females and Labor. Before getting to the traps inherent in attempting to understand how people like the Coles apply their wares upon innocent and unsuspecting victims, it is worth taking a quick trip through recent empirical developments to understand how we arrived at the current juncture. This is, by no means, meant to be an exhaustive account, but rather a brief overview to orientate the reader.
Walter Cole and George Terebinsky, owner of Garden State Property Services, approached Foreclosurepedia in March, 2018. Both asked me to coordinate and organize a list of victims of NFN and bring all of them together in a collective mass email. And over the next several months, dozens were identified. Walter and George then selected Sandra Hering, El Paso Property Construction, and solicited David Shaver as Counsel to file the Involuntary Bankruptcy against NFN in April, 2018. Promptly after filing the case in federal court, Walter and George cut lose Minority Females and Labor whom did not fit their profile — and feel free to construe this as liberally as I did with respect to race and religion — and orders were given that while information was taken from everyone by Counsel, only Walter and George were to have communications with Counsel.
In the weeks that followed, after collecting all of the information which Walter and George needed, the hammer fell. Dozens of innocent and unsuspecting Minority Females and Labor were told to move along. Here is how Walter Cole put it on the 15th of March, 2018,
It got better, though. Walter’s statement that all will benefit the same whether it is 3 or 33 of us was a lie. It was a lie that would not be realized until several months later. The lie was told with only the kind of skill which Walter had carefully cultivated from a failed marriage and business, years earlier, in Michigan. It was a lie which was artfully orchestrated drawing upon Walter’s experience in collapsing a real estate brokerage in the State of Texas. In fact, the last communication from Walter Cole to the victims he has now hung out to dry was on the 22nd of March, 2018,
Time and time again Walter appeared to be confused with respect to his role. Cole appeared confused as to whether he was working for the victims or NFN. What I mean is that first, critical data was turned over, carte blanche, to Reverse Mortgage Solutions (RMS) without a copy issued to any of the victims. This was data which represented almost half of all the debt owed by NFN. The data was originally stored
on NFN servers. Instead of opposing the transfer without payment of debts owed, a simple, proverbial handshake facilitated the action. The data on those servers contained emails, work order numbers, dates, pricing, clients — everything necessary to prove debts owed. Then, even as it was demonstrated that Shari Nott had utilized over one million dollars owed to victims to spin up new profit ventures at companies such as All the Right Movers, Chick Shack, and Commigrate, no objections were made nor requests made to freeze assets at those companies by Walter Cole. Over the next several months, Walter had himself appointed as the Chairman of the Debtor’s Committee. This is the most powerful position with respect determining which victims would be paid and how much they would be paid. It was a swift and decisive move executed even as he continued to stonewall communications between the dozens of victims and himself. In fact, extraordinary steps were taken to ensure that only Walter and George had access to both Counsel and information pertaining to the case. The innocent Minority Females and Labor found themselves on the losing side of a complex paradigm.
By the fall of 2018, it was obvious that Walter Cole was ensuring that anything which National Field Network (NFN) wanted, they were handed on a silver platter. It was also interesting to note that during this same period of time, The Cole Team began to dramatically increase their mortgage field services portfolio. Hundreds of thousands of dollars began lining the pockets of Walter and Elizabeth Cole’s pockets. Banking records will easily document that prior to assuming the role as Fraudster and Chief of the NFN Bankruptcy, The Cole Team was hemorrhaging cash. In fact, multiple inquiries had been made attempting to borrow cash including to Foreclosurepedia. After Cole’s coronation and ascendancy; after firmly wielding the scepter of white privilege learned from the bridge burning of both marriages and businesses from Michigan to Texas, Cole was now rolling in cash. And incidental to that cash was a quiet empire being built in Florida with Abba Construction and its President, Tommy Novak.
Many have asked precisely what kind of concessions were made to NFN after Walter Cole sat upon his newly minted Chairman of the Debtor’s Committee throne. The numbers tell a tale which is difficult to misinterpret,
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Open in new tab Millions in monies paid out to Shari Nott and Jack Jaffa were eclipsed by the raiding of equity by Jaffa himself — over $3.4 Million — which took place in the typical Walter Cole wink-and-a-nod which Cole had perfected over the past months.
Brick by brick, Walter Cole had constructed what he believed to be the perfect set of smoke and mirrors. Noblesse Oblige was certainly not on the tip of his tongue as Cole invited Foreclosurepedia to formulate a series of questions to be submitted to Shari Nott and Jack Jaffa during their depositions. In fact, on the 19th of September 2018, Walter Cole, voluntarily reached out to Foreclosurepedia to discuss the matter,
On the 23rd of September 2018, Walter Cole reiterated his request for questions to be submitted to Shari Nott during the deposition which he was attending as Chairman of the Debtor’s Committee,
And after attending the deposition of Shari Nott, Walter Cole agreed to provide a copy of that deposition to Foreclosurepedia,
By the 1st of October 2018 Walter Cole was off the reservation. Much speculation has occurred with respect to precisely why Walter Cole approached a media outlet, voluntarily, and offered to ask specific questions with respect to the atrocities committed by National Field Network upon innocent Minority Females and Labor. To quash the rumors, the answer is most curiously simple: Neither Walter Cole nor any of the lawyers attending understood the gravity of the questions being asked. And what were those questions? I am glad you asked,
Are you familiar with the term chargeback?
Describe the entire process, from cradle-to-grave, of the chargeback including, but not limited to the initiation either by your company or your Client.
Please describe the process upon which you pay companies owed. For example, if an alleged independent contractor (AIC) was owed for services upon 123 Main Street, were those monies paid specific to that address or were they paid from a collective pool? For example, was an AIC paid from a large pool of monies issued by your Client to be used in a discretionary capacity or were the funds paid to you, owed to the AIC, paid on a specific address-by-address accounting method?
Produce any documents pertaining to chargebacks including, but not limited to and without limitation, books, records, writings, notes, letters, correspondence with whomever, memoranda and recordings in possession or control of Defendant or Defendant’s attorneys, investigators, agents, or employees. Such reference to documents includes originals and copies, microfilms and transcripts made, recorded, produced or reproduced by any means and every means. “Document” also includes the content of any applicable computer database. Where used with respect to documents, “identify” means to give the date, title, origin, author and addressee (where appropriate) to enable Plaintiffs to retrieve it from a file; and, further, “identify” means to give the name, address, position or title of the person who has custody of the document.
Has your company ever received chargebacks from any of your Clients?
Please produce the Client’s name and the totals of chargebacks and upon which properties they were executed.
Did you execute chargebacks against anyone to whom you are currently alleged to have owed monies to?
Please produce the Business Name, Owner’s Name, and chargeback executed.
Did your company ever chargeback a business owner and still be paid any amount from your Clients?
Please produce the Business Name, Owner’s Name, and the amount collected.
When the Defendant(s) executed a chargeback, what pool of funds were they deducted from. What I mean is say you executed a chargeback upon 123 Main Street. And you had already issued funds to 123 Main Street. Were the chargebacks executed upon funds remaining upon 123 Main Street or were the chargebacks removed from a different pool of monies owed upon other monies owed.
Did your company have the occasion to “mark up” bids (MU) issued from AIC to you before submission to your Clients?
How much “mark up” occurred during the course of the the timespan currently at bar?
Are you familiar with the term “HUD Adjusted” or “Fannie Mae Adjusted” with respect to changing or modifying any AIC bids?
Produce any documents pertaining to HUD Adjusted Bids or otherwise inferring that HUD or Fannie Mae Adjusted a bid amount including, but not limited to and without limitation, books, records, writings, notes, letters, correspondence with whomever, memoranda and recordings in possession or control of Defendant or Defendant’s attorneys, investigators, agents, or employees. Such reference to documents includes originals and copies, microfilms and transcripts made, recorded, produced or reproduced by any means and every means. “Document” also includes the content of any applicable computer database. Where used with respect to documents, “identify” means to give the date, title, origin, author and addressee (where appropriate) to enable Plaintiffs to retrieve it from a file; and, further, “identify” means to give the name, address, position or title of the person who has custody of the document.
Did your company seek to maximize the bids passed through to your Clients by utilizing a series of obtained bids from AIC and submit the highest bid obtained
Are you familiar with Amanda Buczek?
Are you familiar with Brian Drain, former CIO/CTO for Buczek Enterprises?
Did Amanda Buczek ever perform any services for your company?
Did Brian Drain ever perform any services for your company?
Are you familiar with Safeguard Properties (SGP)?
Did your company ever perform any work for SGP?
Are you familiar with Five Brothers (5B)?
Did your company ever perform any services for 5B?
Are you familiar with Reverse Mortgage Solutions (RMS)?
Did your company ever perform any services for RMS?
Did your company interact with Amanda Buczek while employed by RMS?
Are you familiar with Brian Drain, former CIO/CTO for Buczek Enterprises?
Did Amanda Buczek ever perform any services for your company?
Did Brian Drain ever perform any services for your company?
Are you familiar with Safeguard Properties (SGP)?
Did your company ever perform any work for SGP?
Are you familiar with Five Brothers (5B)?
Did your company ever perform any services for 5B?
Did your company obtain any financing and/or money from 5B for anything other than services performed?
Are you familiar with Reverse Mortgage Solutions (RMS)?
Did your company ever perform any services for RMS?
Did your company interact with Amanda Buczek while employed by RMS?
Are you familiar with a Memo signed by yourself on or about 12 June 2017 relating to an electronic breach of employee and/or AIC information?
What actions were taken to address that breach?
Does your company currently continue to perform services under your company name in the State of Texas?
Please produce a list of those employees located at that location and their contact information.
Please state the gross revenue, per month, from your Texas location.
Please describe your relationship with Eviction Support Services, Chick Shack (a thrift store), and any firms which your company has made a loan to over the past 24 months.
By the 2nd of October 2018 the jig was up. After reviewing Shari Nott’s answers, they realized that Nott had confessed to a plethora of state and federal crimes including violation of the False Claims Act (FCA), according to Walter Cole to Foreclosurepedia during a telephone conversation in early October.
Walter Cole stated that Shari Nott had admitted to chargebacks — calling the process both back charging and back charges — and stated that those monies seized from Minority Females and Labor were never remitted to NFN’s Clients. Nott stated that the term “HUD Adjusted Bid” had absolutely nothing to do with the US Department of Housing and Urban Development (HUD) and that the acronym “HUD” was simply an “industry term.” Those monies adjusted upon bids were not remitted to any of NFN’s Clients including Fannie Mae or Reverse Mortgage Solutions (RMS) whom was a HUD Prime Vendor with respect to reverse mortgage asset seizures.
Cole stated that when questioned about why NFN never attempted to shut down the Ponzi Scheme which had become the NFN Order Mill, she stated that she, in fact, had informed Fannie Mae that NFN was incapable of paying contractors upon the work orders issued. According to Cole, Fannie Mae representatives at the highest levels informed her to continue to issue work orders out and to let Fannie Mae worry about payments. Nott stated, according to Cole, that Fannie Mae senior officials advised Nott that it “…was cheaper to bond out liens upon properties which contractors may levy as it was cheaper than paying the contractors themselves.”
Between October and December Foreclosurepedia made multiple attempts to follow up with Walter Cole with respect to the depositions promised to be delivered to Foreclosurepedia with respect to Shari Nott. And with the decreased reply to conversations pertaining to the depositions so increased the multi-million dollar insurance claim business given to The Cole Team.
Multiple victims reached out to Foreclosurepedia pleading for release of the depositions as many parties already had judgements against both NFN as a company and against Shari Nott personally. Shari Nott’s deposition was not simply testimony about NFN’s apparent financial insolvency, according to Walter Cole it detailed, in great lengths, the simple and salient fact that NFN knew since late 2016, that NFN no longer had the ability to pay innocent Minority Females and Labor. And while NFN apparently knew they could not pay its victims, it ratched up work orders at a break neck pace — it was the Ponzi Scheme which would have made Bernie Madoff blush.
In late November, 2018, Foreclosurepedia spoke with attorney Deborah L Pico, of the law firm Myers and Pico, whom represented one of the original victims which Walter Cole and George Terebinsky had solicited. Pico had already obtained a personal judgement against Shari Nott by the time Walter Cole had taken over as Chairman of the Debtor’s Committee. During our discussions Ms Pico had inquired about the depositions and agreed with Foreclosurepedia that the lack of submission by David Shaver, Counsel representing Walter Cole and George Terebinsky, into the Public Access to Court Electronic Records (PACER) database was odd. PACER provides on-line access to U.S. Appellate, District, and Bankruptcy court records and documents nationwide.
Pico attempted to contact Shaver to no avail and stated that she was considering filing a subpoena for the deposition of Shari Nott according to her Client. I want that to sink in, for just a moment. One lawyer whom is representing a victim whom is a Minority Female; a victim whom is a Minority Female whom Walter Cole swore to protect her rights, is being forced to subpoena testimony which would ensure that her Client could be paid.
To date, neither Plaintiffs nor Defendants have moved to seal the depositions taken of either Shari Nott or Jack Jaffa. Interestingly, Jack Jaffa is the brother of Alan Jaffa, CEO of Safeguard Properties (SGP) and also owner of Jaffa and Associates based out of New York City.
On the 20th of December 2018, the US Bankruptcy Court for the District of New Jersey (Trenton), received a Motion to Intervene submitted by Foreclosurepedia. If ever there was a need for transparency; if ever there was a need to hold accountable those whom have potentially defrauded innocent victims and US Taxpayers, now is the time. In fact, history would be hard pressed to find a more substantial reason for presenting information which is only being concealed by Walter Cole to protect the reputation of — wait you are going to love this one — the very people Cole and over 200+ others are suing, I would be hard pressed to find it. And if you ask me personally, I think that the record is extremely transparent paving the way for the financial gain Walter Cole has obtained for his continued service to National Field Network. Here is the Motion to Intervene which Foreclosurepedia filed this week,
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I am encouraging all victims of the National Field Network financial catastrophe to contact Judge Christine Gravelle and inform her of your desire to read the depositions of Shari Nott and Jack Jaffa. I am also encouraging each and every person whom has ever had a chargeback or a HUD Adjusted Bid in the Mortgage Field Services Industry to contact the Judge as well. The former class of people is self evident. The latter class have a need to know as the information contained in those depositions will be the cornerstone to a massive Class Action lawsuit against NFN and other perpetrators whom have defrauded billions of dollars from innocent victims and US Taxpayers for over two decades.
You may contact the Judge at,
Simply send an email today requesting that the depositions of Shari Nott and Jack Jaffa be released into PACER in Case Number 18-16859-CMG. Do it TODAY. Do it NOW. Do it for the victims whom Walter Cole and The Cole Team are attempting to marginalize! Let your voice be heard for there are those whom now have NO voice at all!
