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The Real Deal Miami

David Stern’s rise and fall

February 07, 2011 09:08AM

Foreclosure king David Stern lived life like an emir — with a
collection of high-end properties, a fleet of sports cars and an ocean
cruiser the size of a small hotel. When any of the big banks brought a
foreclosure action, Stern’s was the firm to choose. Last fall, the
operation fell through, as questionable practices became the focus of a
Florida probe. “What Stern represents is an industry that was completely
unrestrained, unchecked, unpunished and unsupervised,” said Florida
attorney Matt Weidner. “This was business gone wild.” The practices of
the firm included false notarizations, faked signatures and improper
loan assignments, according to employee testimony. “There’s a David
Stern in every state, sometimes more than one,” said Jacksonville
attorney April Charney. [Palm
Beach Post]