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Regulators Seize Hard-Money Lender

AZ regulator seizes Landmarc Capital

June 26, 2009

By MortgageDaily.com staff


A 10-year-old Arizona hard-money lender was seized this week by state regulators. The company was founded by a "second-generation money lender" who started in the business as a teen.

The Arizona Superior Court appointed Superintendent of Financial Institutions Felecia A. Rotellini as receiver for Landmarc Capital and Investment Co., an announcement Wednesday from the Arizona Department of Financial Institutions said. Rotellini will oversee the operations of the Scottsdale-based firm.

The state said receivership was a less expensive alternative to bankruptcy in unwinding the business.

Consumer complaints initially prompted the state to launch an investigation.

"As the case progressed, we discovered an insolvent company misrepresenting its condition to investors and potential borrowers," the statement said. "This receivership was compelled by Landmarc's conduct and its failure to comply with Arizona law governing its business practices."

photo of David Crantz
Landmarc photo of David Crantz

Landmarc is accused of paying millions of dollars to off-shore companies owned by Landmarc's primary shareholders while it operated as an insolvent organization.

The lender allegedly provided fraudulent reports to the state regulator about its financial condition. Its net worth was inflated with assets it didn't own such as land and vehicles, while warehouse financing activities and associated interest expenses were excluded from the reports. In addition, loan assets were not written down after foreclosure.

Landmarc will have an opportunity at a June 30 hearing to make its case for not being forced into receivership.

Landmarc was founded in 1999 by Chief Executive Officer David Crantz. A biographical outline of Crantz at Landmarc's Web site says he started in the lending business as a teenager in inner-city Detroit during the 1980's with his father's business. He operated the family's lending business in Arizona for 12 years before founding Landmarc.

Crantz, who the company says is a "a second-generation money lender," reportedly authored the book, The Road Map to Trust Deed Investing.
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