Mon Sep 25 17:22:56 EDT 2023
Home#OpEdNational Field Network's Financial Collapse: A Case Study in Mismanagement and Fraud

National Field Network’s Financial Collapse: A Case Study in Mismanagement and Fraud

Shari Nott's Deposition Reveals a Piss Poor Criminal Plan

This will be a multi-month Series on National Maintenance and Preservation Services d/b/a National Field Network, Shari Nott, and their National Association of Mortgage Field Services (NAMFS) handlers. The six plus year history of the Involuntary Bankruptcy and the thousands of pages of depositions and evidence proved to be a treasure trove for how the graft, greed, and corruption defrauded not only Labor but the US government, as well. For several years before the filing, Foreclosurepedia had reported upon Jack Jaffa and Shari Nott and their RICO-esque endeavor. And throughout the course of the abomination that two sets of Trustees referred to as a bankruptcy, Foreclosurepedia was involved in hundreds of emails between lawyers, Labor, and the Defendants including filing into the original action to Intervene in order to view the depositions.

Now that the case has run its course, we are assembling a multi-month Series which will walk the American public through the principal actors who filed, the greedy hacks pretending to be contractors who came along after the fact to scoop up what money they could, and the lawyers whom bled everyone dry. It was a Wall Street Gangbang of #Epic Proportions. In fact, here are a couple of factoids to get everyone in the feel for where we are heading,

In documents that have never been released to the media before, here are a couple of the pages in Shari Nott’s deposition that intrigued us:

Deposition of Shari Nott on November 13, 2020, page 23: This refers to a deposition of Shari Nott, the former CEO of National Management. In her deposition, Nott admitted that the company was in a “cash crisis” in 2016. She also admitted that the company was making payments to its employees and vendors with money that it did not have.

Deposition of Shari Nott on November 13, 2020, page 78: Fannie Mae objected to National Management’s disclosure statement, alleging that the company had delayed payments to subcontractors, liens had been placed on properties, and there was a lack of proper documentation. This suggests that National Management’s financial problems were caused by more than just delayed payments from its clients.

Deposition of Shari Nott on November 13, 2020, page 79Shari Nott testified that she had no agreement for repayment, interest charge, or collateral pledged by her for the employee loan advances she received from National Management. This suggests that Nott may have intended to misappropriate the loan proceeds for personal use.

Deposition of Shari Nott on November 16, 2020, pages 162-166Shari Nott used company credit cards to pay for personal expenses, including travel, clothing, and dining. This suggests that Nott was using company funds for personal use.

These are just a few examples of the depositions which documented the financial condition of National Field Network. The footnotes provide a wealth of additional information about the company’s financial situation and the conduct of its management. This information is essential for understanding the factors that led to the company’s insolvency and for holding those responsible accountable. In addition to the the depositions mentioned above, we were able to review reams of accountant data and statements rendered to the Court. For example, multiple emails between the Trustees and Counsel representing the Defendants.

And while some of the litigants wish to remain silent about their involvement, Foreclosurepedia has determined that the cleansing effects of transparency is best all the way around. So, stay tuned as we crank up the presses and walk you through the Involuntary Bankruptcy and reveal those who finally ended up profiting with the Fannie Mae and Reverse Mortgage Solutions contracts as NFN went belly up! And to quote one Member of Labor,

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