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tv   Street Signs  CNBC  May 28, 2018 4:00am-5:00am EDT

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wtoto i impmprorovevegeget . arare e alall l cacallllededththatat f fils isis a a f fewew s simimplple] wtoto i impmprorovevegeget . arare e alall l iningg smsmalall l real disciplined his first deal with master pro is a nineteen seventy six i went on and i was going to build a little five unit apartment house. john is just eighteen years old brought him a budget notebook piece of paper and he just told one of the office girl slain me the money right up to no to the deal. it took a matter of about five minutes to land a couple hundred thousand dollars michael mast road
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didn't always have thousands of dollars at his fingertips sunday working class italian immigrants masters beginnings are humble. he worked with his father digging ditches part time in high school i mean he was always a hard working man. after college mast road get a job in the bank and by the mid nineteen sixties he shifts gears into real estate eventually formed his own company astro property located in seattle on the south near revenue michael was very successful and what he did buy and sell properties and use to make money at it you buy at low and sell high. master loans money to the majority of his clients are local members of the real estate community who don't qualify for bank credit he would loan the money i typically fifteen percent and then he get a loan fee upfront for loaning money out
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known as hard money loans they are short term loans at high interest rates backed by a piece of real estate and its borrowers be where his terms were very very tough if you didn't pay him back a moment if he was owed the money he would teach her property over time. mast bros diligent is a real estate developer and a hard money lender earned him local notoriety is word was bond mean the guy would tie he's going to do a deal he just did it and by the mid nineteen seventies the former ditch digger is a self made millionaire. the bill won't develop sold thousands and thousands of house lots built a water park hotel in palm springs california. i mean trying to have his hands in everything realtors developers and lenders all want to do business with him he was such a normal guy ate so much money that he could
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be humble and normal but mast rose live changes in nineteen seventy four when he meets linda and o a woman nearly twenty five years his junior team better in the baking business. she was a teller at one of the banks bought a house she lived up in or seattle bought a new car schumer pretty much as a kept woman after decade of courtship the couple married in june nineteen eighty nine she had a tremendous influence on my he went from normal suits debris on the suits. she made him join all these clubs and donate money to events and go to events mast rose oils blended with luxury vacations expensive dinner and even a special closet the closet was unbelievable. she took a bedroom and got the whole closet out of it and push and learn for in a town that prefers bicycles to bentley's
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the ostentatious news stands out but the gifts that really turned heads are two diamond we won fifteen point nine carats in one twenty seven point eight care item she almost never leaves home without an august nineteen eighty nine from astro closes on the biggest deal of his career he and partners sell ten buildings they constructed the aerospace giant boeing two hundred and eleven million dollars at the time it is the second largest property transaction in king county history. i remember being in his office have been a tricky champagne i said to him why don't you just retire. you've got all the money in the world all your bills paid but the sixty five year old refuses to slow down the exact quote was i can stay home and clip coupons. i still have to work instead of being satisfied with his fat returns mastered row raises the state's years earlier he had started an investment group called friends and family to provide
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capital for his develops now flush with the recent success of the boeing deal mast road doubles down on the investment but it was kind of like his own personal line of credit and he just placed it where he wanted investors include friends family and elderly members of seattle's italian american community he show me a list without the dollar amounts of ali's friends and family there must've been sch couple hundred of the former food distributor roger hunter thinks the promissory notes are a steady income stream for a retiree like him. joy gave him my money in this one alone for a number years and i'd take money from him i wanted them to have surplus money for one thing or another and give it to him members are given a promissory note offering at least eight percent annual return on investment according to the washington state department of financial institutions of the notes are
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not registered as securities from astro is violating the securities laws investors however don't seem to concern the note states that lenders can request their principal back at any time people were getting paid their monthly checks. so there was never a question because he always performed i was making money he was making money. it was a perfect world the word spreads and overtime one hundred and seventy five investors give master of more than one hundred million dollars he gave me a note i trust him i shook his hand i said i trust you as human being i feel really good about loan you money the next on american greed the fugitive. when the market crashes and credit freezes where will michael mast road turn for money. i said i can't afford to lose he said d doeoesnsn't't g go o awawai - - totodadanonolologygy ththe e titico
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developer michael mast roads and new demands from creditors are piling up in mass droves income is drying up but is investors are unaware of the financial woes investor rick levitt decide to transfer more cash into the fun for cole my case it can make one condemned use more money in this economy mast rose investment group seems to be the only thing that work i said i can afford to lose he said. you're safe with me on their covers words you're safe with me soothing words. then on september thirty a m astro sends a letter to members of his investment group friends and family stating that the fund is weathering the financial storm and actually doing quite well. our organization is strong and healthy. i hope this reporter's eased any concerns you may but masters
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actions tell a different story but the spring of two thousand and nine mm astro is stop making payments on millions of debt he owes to seattle backs. i asked my for some security and he knew things were upside down he couldn't give me my money back or give you the trust on some crappy i have leavitt says that mass throw hooks him up with a realtor to do a quick handshake kind of property to you and i said no one goes to the title company sure it's free and clear for commerce is who we don't do that either get this way or no way i said forget the leavitt says that mashed wrote back to him a list of properties ego and tells him to pick anyone the water level isn't overly impressed when he calls the realtors who listed the property most of the set i haven't had the proper list in the year probably listed and six months in a serene about his
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value and most of laughter said. those are yes these values. those are today all soon. creditors come knocking the thomas gilman an attorney for first sound bank worked to recover money from debtors who have become delinquent in my clay first came to me and told me that mr. master defaulted on a loan. i was somewhat surprised because his word was pretty much as good as gold surprise soon gives way to despair when i found properties that were owned by mr. master hughes and found that it was pretty highly leveraged by not just one deed of trust but maybe two or three michael mast row it seems as been living a lie thought to be fabulously rich is hopelessly broke. gilman also discovers master was picking favorites paying some creditors but not others. we
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thought that was unfair and we wanted to be treated equally with the other creditors villains client first sound bank and two additional creditors file a chapter seven. involuntary bankruptcy petition to force bankruptcy on someone who is unwilling or unable to pay back debts. his reaction was that he was going to oppose us and fight to the bitter end in august two thousand and nine the state of washington approved the chapter seven involuntary bankruptcy of michael mast row he will be forced to sell all of his assets the estimated worth of his belongings his two hundred forty nine million dollars but that won't cover half the masters total debt is more than five hundred seventy million dollars for many many years a lot of people made a lot of money there. it was like better than a bank but it came to a crashing halt
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lender and property developer michael r mast rome is the focus of one of seattle's largest chapter seven bankruptcy is the former swanky businessman is losing every as that he owes the most obvious target is master of fifteen million dollar home located in the upper crust community of medina washington home to people such as bill gates was a couple hundred feet of waterfront on lake washington it had a beautiful guest house beautiful garage infinity pool. i mean it had everything but when bankruptcy trustee james rigby comes to collect the deed is no longer in the master of may mr. masters' lawyers that look is limited to fifteen million dollars waterfront house or he doesn't really own. that's right the seattle's big jet real estate developer owns hundreds of properties but not his home prior to the bankruptcy measure drew built a wall the estate
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transactions to shield his home from creditors according to rick. one new bird is transferring the home's title to a trust based in the central american country of belize. it looks like master will get to keep the house. willie wrigley doesn't think the arrangement is legal and argues that before a judge she created the trust she put the property into the trust use of ben fischer the trust in the state and doesn't work you can put your own property in trust for your own benefit have a beyond the reach of creditors just doesn't work all the court agrees to transfer into the trust is fraud to castro's house is taken and sold by the bankruptcy court on december eight two thousand and ten score. rigby was on astro zero and rigby is far from finished. the court was to have the two diamond rings evaluated linda mast road refuses to part with their
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two giant precious stone appraised at one point four million dollars he said that was bought before they were married so that was for property has gifted her before they were married the therefore she argues the diamond cannot be taken in bankruptcy proceedings the eventually regains prove that the rings are indeed purchased after the marriage the bankruptcy court schedules that fateful hearing on july twenty eighth two thousand and eleven again asking the couple to turn over the ring just let time tick tick tick clocks going off didn't show up didn't show up nobody showed up after failing to appear and deliver the goods the eighty six year old developer and wife are considered a wall and a warrant for the arrest is issued immediately in the wake of their disappearance. more evidence of fraud is discovered the stroke did not disclose actually several different
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bank accounts for the time the master did not disclose that he purchased hundred ounces of cold short days after the bankruptcy was filed he did not disclose much of anything from astros investors. what hurts the most is the belief that he deliberately betrayed their trust he knew i gave him money and that money is never coming back to me the money was not going except place but his own pocketbook investor roger hunter now in his eighties is barely scraping by on social security checks by jamie loeb half a million dollars almost need the money now i'm essentially bro business associate john mast and raya loses more than the cash he had invested in the friends and family fun. i did a lot of deals with him we probably have fifteen deals in process so i had about five apartment houses under construction and
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i had about ten apartment houses in permitting best rose fall brings his business partner down with the best in bray loses more than sixty million dollars in equity from property taken by the bankruptcy court. it was a disaster. at first but i start liquidating some of my cars and other assets that i have just a function and live on an october twenty four two thousand and twelve michael and linda are apprehended by french police in this modest apartment near picturesque lake on zephyr at high in the o but after digging deeper. authorities find the couple frequently stays at a five thousand euro a month villa and there's more the french police have determined that point system astros had to sit deposit boxes of two separate banks even found her cash and
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jewelry including linda's coveted diamond but the bust goes bust on june fifth two thousand and thirteen the french court ruled not to extradite the now eighty eight year old back to the united states because of age and porto would be inhumane to return them to the united states was possible that he would serve long prison sentence apparently you can steal money from all people but you can't be subject to jail terms for having done so the criminally charged with forty three counts of bankruptcy fraud and money laundering. michael and the name astro remain hundreds of millions in debt to creditors and investors they're still believed to be near lake augie and fred's but they could travel elsewhere if you have any information regarding michael bass pro or his current assets. call your local branch of the fbi the court liquidate numerous master of
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properties for more than twenty million dollars and an auction of former belongings collects more than three hundred thousand dollars as from astros unsecured creditors like most of the friends and family investment group. many know they'll never see their money again. the store for me financially obviously hurt my pocketbook no question about it and former friend and business associate john mast and reyes says he lost a total of one hundred and fourteen million dollars including equity in property and cash investments arrested reyes says he still can square castro's actions with the man he once knew he always told me as when i was a little boy you always face the facts no matter how bad they are or how good they are you gotta face up to it and basically at the end he didn't even follow his own preaching the next on
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american greed the fugitive symbol technologies in hot water the former ceo of total red mill a big jump ship he was on a mission to make her was on a mission to make her so from the com [l[ligighthtr itit c canan l lveve y y whwhent chchececkikingng i in n isis s d anand d atatioion.n. ene, mumusisic]c] - - wawannnny y a a popo', anand d atatioion.n. ene, wiwitctch h clclicicks] inintoto y youour r owown n . - - wawannnny y a a popo', anand d atatioion.n. ene,
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investment opportunities to invest like a pro. the cnbc dot com slash at the thirty day free trial the june two thousand and four pope spill new york on long island symbol technologies a billion dollar company and maker of bar code scanning technology is being run up for fraud now so of its top executives are doing the perp was six of the former top executives were led away in handcuffs this morning according to prosecutors symbols execs are involved in multiple accounting schemes used to inflate the company's numbers w nbc investigative reporter jonathan deans reveals that a symbol employees are indicted for criminal charges ranging from conspiracy securities fraud there was a line of executives one by one letter away in handcuffs by federal agents. one was missing home over as miller as miller
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beach is symbols chief executive and according to prosecutors a leader in the fraud in this case it seems the captain is not going down with the ship was a big story here in new york and the reports he was in croatia. there were reports he was off sailing on his yacht the job or as mil images of fugitive from justice has been criminally charged with thirteen counts of securities fraud for an accounting scandal in which investors lost more than two hundred million dollars before his face is plastered on most wanted posters total rest miller beach is exalted in the business press has a hard charging ceo get results symbol technologies was one of long island's biggest companies had about five thousand employees was a very successful company manufacturing and supplying barcode scanner data management systems symbols cutting edge technology is everywhere your local grocery pharmacy even the department
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of defense says fcc attorney todd wrote any time you walk into a grocery store and you see them using bar coding machines or any time ups comes and picks up your package to using a simple product prior to rav miller job with symbol. he holds the position of president at companies in sweden and the united kingdom come his will that appears to be a brilliant guy worked his way up the company ranks and succeeded because of his tough aggressive smart ways his career with symbol kicks off in nineteen eighty nine as senior vice president of international operations with rez middle of ages rolodex of international clients symbol grows to become not just a nice player in the u s global leader he hopes tried company market value from under one billion dollars in nineteen ninety five to nearly seven billion dollars by two thousand the tumbles original
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incentive to sell the product and to keep symbol high was because tunnel wanted to become ceo of the company in july two thousand tome or as milledge gets what he was he's made the new ceo in his timing is terrible two thousand is the year the tech bubble burst a europe that come the fall and though simple is not a dotcom company. it was still caught in the down draft companies who had once spent a lot of money on technology like barcode scanners are no longer purchasing the equipment. symbol technologies has met or exceeded wall street predictions for thirty consecutive quarters but rez millage is determined not to be the guide to break that streak. there was no way he was going to let his stock for his company was going to succeed at any costs the executives that simple technology the same. our technology company was not
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affected. we're still doing great folks. according to plaintiffs' attorney glenn diva larry o raise millage and executives have been manufacturing each quarter's revenue and profit numbers based on analysts' projection is not real sales and earnings wall street said. we just made the going is due ten million dollars in sales this quarter. he told the executives the company can do eleven. that's the number you have to get me eleven million dollars of transactions. i don't care how you do it. and according to the sec's some of rez miller but his subordinates have an incentive to keep their heads down and their mouths shut for certain senior executives of the company their bonus was based entirely on the performance of the company each quarter behind closed doors. rasmus of age and his corporate henchman create what they call tango she sae if you look at an accounting move you are never going to find the word king sheet. this was a simple invention tango
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sheeps are reports comparing real estate company financials on one side to forecasted figures on the other then a plan is devised to turn the real numbers into the forecast it was according to the scc they did a dance to get to those numbers they would go through a whole list of accounting wrongdoings or shenanigans in order to get that proper number and that was the tango the next on american greed the fugitives. yes he sees as rez millage is harsh demands reach dangerous new lows until moses austin was to watch me shoot you and you want me to stab you to hear more on the brazen accounting schemes of tome or as milledge another symbol executives visit the fugitive dot cnbc dot ca there on ining g yoyourur w weieighght,, titingng e eveveryry s .
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- - wewe a andnd s sto. nonow w ththatat's's a a anany y evevididenence. ifif y youou t t toto s sp, offers the latest find of the classic car market is slowing recovery investing in one member of mormon takes is in two thousand and one symbol technologies new ceo tome or as milledge is turning heads in the technology world attorney brett simon represent an executive who worked for as milledge think she was perceived as a hard charging executive. you know and somebody that corporate
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america looked on as an effective guy would resume on the bridges into zoos have no idea at the company's consecutive quarters of growth are allegedly driven by phony figures and fear. it became all the sadistic inhumane what he was forcing his subordinates to try to achieve the senior boys to finance came up to tomlin said we can't make those numbers those numbers are totally unrealistic. the most response then was to watch me shoot you and you want me to stab you razz miller bridges threat to shut him up he wouldn't want to face to most rap so in total told you these are numbers that you have to hit you hit those numbers by any means necessary. mun means to an end is referred to as channels stopping in order to meet the target numbers what you can do is try to get your
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distributors to take more product even though they don't actually need more the tactic makes revenues seem greater than it really is. they would say you're going to take this amount of product and we're going to take unlimited returns. so if you can't sell the product at the end of the day just the right path to us no problems no questions asked distributors receive a wide variety of simple products they are ready to use or pay for and symbol recorded as a seo. these were real sales this was just simple trying to manipulate the revenue numbers at the end of the quarter. sometimes they even persuade customers to purchase merchandise known as a candy do you make and a dual sim will provide its customers with cash the majority of the money is then used to purchase symbol product from its distributor symbol would sell product to distributor which would then be sold to the purchaser who would then return that
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product after symbol but would keep a certain amount of money as basically a gift from symbol bse c says other times rez miller vision company heads just give excess inventory away they would just look at what was on the inventory list and whatever they happen to have at the time they would just send the prize to the distributor when some distributors receive the product by surprise symbol reps claim they made a mistake just keep the product and return it if you can't sell it they say on occasion the channel stuffing gets messy when distributors told symbol that they didn't want to take any product symbol told them you take that product or never going to sell to whoever he was on a on a mission to make yourself in the company look good at all costs and didn't really care about the bodies that he left his wake but trouble lies ahead. distributor channel to getting full and
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rez miller vision is crooked the techs are running out of places to hide the leftovers according to plaintiffs' attorney glenda but larry o by november two thousand symbol as an estimated sixty million dollars worth of obsolete inventory sitting in its warehouses and must find a way to write off the unwanted product without alarming investors and then rez millage in the execs have been harmed the plan involves purchasing simple chief competitor the struggling company called tells us so on the surface acquiring competitor can make business sense but under the servers acquiring the fading rival for the bargain price of four hundred fifty eight million dollars as other advantages it alone. elmo and his henchmen the ability to hide of tens of millions of dollars of the fraudulent
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transactions by covering them up with accounting write offs that they took in the tails on transaction symbol disguises portions of its obsolete inventory as discontinued merchandise to obtain from tells a convenient scapegoat and the mast inventory is included in the toes on restructuring right off forbes magazine publishes an article questioning why symbol would breathe life into a dying business. by then to publication isn't the only one with suspicion on may first two thousand won the sec's send an inquiry to assemble. similar scenes a whistleblower letter that basically says that their revenue recognition problems going on for comfort. so what this symbol technologies do the company's charges own internal investigation into the claims a higher law firm to conduct an internal investigation and yet these
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executives relying to the very law firm and very accountants who they allegedly hired to do this review. the next day. similar now has a twelve percent revenue downfall from the previous year after thirty two consecutive quarters of flying high symbols numbers are falling over the next two weeks symbol stock plummets nearly twenty four percent of its symbols captain has prepared a lifeboat at the same time that the fraud is going on numerous millage also engaged a number of transactions where he sold the stock he owned. raz mill of excel significant shares of company stock twice the first sale is on may second two thousand and one just before simple stock picks a nosedive second occurs in february two thousand to the combined proceed to increase his wealth by more than twenty three million dollars to
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orchestrate this profit from it enrich himself to the tune of millions and millions of dollars the next american - - yoyourur w weieighght,t, eaeatiti veveryry s stet. eses.. soso r runun ananeded t to o seseee y youour r frfrieiendnds s ara, bubut t itit o onlnly y tatakekg f fatatalal a accccididenent.t. duduining.g. f fatatalal a accccididenent.t. wawaysys toto f feeeeo o jojoinin o or rs da a sasafefe, , susu itityy anand d dedee e ofof .
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to the staten island house here wednesday the eleventh cnbc get yours the february thirteenth two thousand to newsday publishes a scathing expose day on the highly regarded tech company symbol technologies. the article reveals symbol has been under investigation by the scc it's the first indication publicly that something is not entirely kosher with this company of that there are indications they may be accounting manipulations according to the sec's symbols fraudulent activity is orchestrated by the man at the top its ceo and president toe mower as miller beach as evidence of alleged wrongdoing mounts pres miller kept a cool head because he's been secretly collecting money over time. he is
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cashing out. he knows the music is going to stop and he needs to find a chair one day after the news day starring symbols ceos suddenly reside in a matter of three days symbols stock dropped forty percent attorney glenda larry o represents numerous pension funds across the united states. we checked the portfolios of pension fund clients and found our class lost millions investors as a whole lost hundreds of millions on june third two thousand for several similar employees are taken away in handcuffs on criminal charges ranging from tax evasion to securities fraud but symbols top dog total rez millage appears to have abandoned the pack once appreciate clear that the justice department was investigating follow our country never came back. authorities managed to
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locate and freed more than sixteen million dollars rez miller riches stored in several swiss bank accounts or as miller but himself escapes the grasp of law enforcement and runs to sweep he refuses to face trial in the us and sweden refuses to extradite under swedish law they will not remove a swedish citizen for white collar crimes to a non european union country in june two thousand and four w nbc investigative reporter jonathan deans tracks down the missing executive and find him in the small coastal town of hoosick sweet so we just are driving around these dirt roads and all the sudden there's this mailbox that jumps out of us among a roll of plain metal mailboxes is one that clearly reads us mail. he took his american mailbox and post it in front
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of his house. ulm was as as a dig it back at those who he allegedly ripped off down a long private drive sits a large waterfront chalets with boats along its da rez been the bridge appears to be living comfortably in this secluded seaside home we knock on the door and who answers the door but there is rational this one of new york's most wanted at his front to watch jonathan dates with channel four w nbc in new york how use out of so many but the but i know why you came right off i feel very awkward to get more than all this time with the stench would really expect the shia in the fall of two thousand and thirteen the american breed of fugitives returns to
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boos of it and the former ceo once again comes to his door this time his stories change is not just innocent he's looking for an apology. i would wish that someone sensible step up and say tell me they're sorry for all of been going through a resident of its toes american read the fugitives that the us media has the story all wrong former executives including himself are innocent and the reason he's never shown up in court as militants claimed he will not receive fair treatment in the american justice system do you feel that you've been unjustly accused us most certainly and it turned out to show that no one has been convicted of anything everyone has been freed my cfo my sales manager everybody but the facts are clearly documents of the seven other employees criminally charged for plead
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guilty and all seven seven with the scc and during those court proceedings several former employees accused rez middle of it being the leader in the fraud. just look at the facts not the american vision of the story effects unfortunately rez benefits never tells american greed the fugitives his version of the facts. he later declined to sit down for an in depth interview in sweden. he's beyond the reach of u s law enforcement has been a could travel elsewhere is five feet eleven inches tall and weighs approximately two hundred crowd has been the bridges of croatian descent and speaks multiple languages. if you have any information about tumblr as bill of it traveling outside of sweden called the united states postal inspection service the late two thousand and
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three. symbol technologies re state revenues of more than two hundred thirty four million dollars fraud caused major damage the company resulted in numerous employees being fired and in two thousand and seven motorola acquires symbol technologies as for the victims diva larry o and his law firm when a settlement with symbol that officers and directors for one hundred and twenty six million dollars the amount represents less than thirty percent of investors' total loss. those pension funds lost money and no way to recovery which means that teachers policeman school employees state employees retirement funds were depleted the role and best middle management level people who are retiring on the expectation of a secure
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retirement in two thousand and nine s e c attorney tod brody wins a default judgment against omar as villa later the former ceo who slept with nearly ninety million dollars in five years. rez middle of it appeals the judgment but ultimately loses in july two thousand and thirteen is currently exploring further options to fight the decision or his lawyers will use de suite is a magnificent home in stockholm the capital is a magnificent home on the waterfront in pacific sweden. if you are shedding sweden. if you are shedding tears for toma was knowledge
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ababouout t usus.. 'e f feeeel l ththeieir r paparert ofarare e adaddidictcte. nonow w ththatat''s s a a - ja- this show is calledree, ababouou-"over the top." 'e outrageous cars, outrageous people. but you know something? i'm not really an over-the-top kind of guy. i'm sort of a mellow, contented kind of guy, so i wanted someone who dressed like me, someone who had the same physique as me, who's maybe just a little more over the top than i am, so i brought my friend terry crews. terry, how are you? - hey, hey, how you doing? - good to see you. yeah, yeah. - all right. so what we driving today, jay? what are we doing? let's go. - you see what i'm saying? you probably know terry from his commercial work. - when you use old spice body wash with invisible spray, you'll smell so manly, scientists will want to study your manliness. [air hissing] that's why i got a dummy me to play me in this commercial.

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