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Ameriquest CEO Exits

Aseem Mital replaces Wayne Lee

June 10, 2005

By MortgageDaily.com staff


Ameriquest Mortgage has a new chief executive officer.

Wayne Lee has left his CEO position at Ameriquest Mortgage, according to an announcement by parent company Ameriquest Capital Corp. to pursue unspecified opportunities He also resigned his job as president at sister company Argent Mortgage.

"I am grateful for the many years I spent as a part this great company" Lee said in the statement. "After 15 years [with the company], now is the time for me to take on new challenges and explore new opportunities."

As of Wednesday, his replacement is Aseem Mital, who has been president of Ameriquest Capital since 2004, according to the announcement. Mital has over 19 years of combined industry experience with a background in financial services, capital markets and technology.

The change at the helm of the Orange, Calif.-private company follows a series of articles from the Los Angeles Times scrutinizing the subprime lender and accusing it of running a boiler room operation that encourages employees to commit fraud.

A second Ameriquest employee plead guilty this week to fraud in Kansas City, Mo., according to FraudBlogger.com. The pair duped their employer as well as property investors in a scheme that reportedly involved $4 million in mortgages.


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