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Reverse Lender Nets 2 Judgments

America's Senior wins $1.3 million

June 19, 2003

By MortgageDaily.com staff

A Florida-based mortgage banker has been issued two favorable judgements this month, according to wire reports.

America's Senior Financial Services Inc. won a $316,500 default judgment against AIM Securities, AIM Financial Advisors Inc. and Texan Ronald Ardt, company officials said. The award concerned "civil theft and conversion" in failing to perform investment banking services, according to a company statement.

The regional mortgage banker was issued another favorable judgment Friday for almost $1 million from Finantra Capital Inc. The company's wire report stated that the judgment was for recovery of a mortgage funding arrangement that Finantra failed to uphold. The statement also quoted America's senior officials as "committed to protecting shareholder value." It further quoted general counsel Gary Barcus, "There can be no assurances given that AMSE will be able to collect judgment from Finantra."

In the reverse mortgage lender's SEC filing dated May 20, America's Senior forecasted revenues of $2.4 to $2.5 million for the current quarter. For the quarter ended March 31, the company reported revenues of $2.5 million to the SEC.

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