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Source - Ameriquest Fraud Update
Excerpt:
Unfortunately, William ultimately lost the suit because of a technicality (he did not file his initial complaint with OSHA within 90-days). However, William thoroughly articulated how Ameriquest perpetrated the largest securities fraud scheme in the history of the United States. The securities fraud scheme was one of the biggest contributors to the collapse of the nation's markets and economy in September 2008. All of the bad paper issued by Ameriquest Mortgage Securities made its way around the world as collateralized debt obligations.
The Administrative Law Judges got it wrong about Section 302. The is due to the fact that Sarbox was thrown together by Congress in the wake of the Arthur Anderson, Worldcom and Enron scandals. William's opinion (and the opinion of many securities attorneys) is that all Sarbox cases should be brought directly before the S.E.C. and not he Department of Labor because the ALJ's do not have a background in securities law. Further, all initial Sarbox whistleblower complaints are filed with OSHA - a government entity that was not designed to deal with complex financial and securities fraud. Employees of OSHA have as much education about securities fraud as your average United States postal worker.
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Here's an outstanding primer on fraud within Ameriquest by Michael Hudson: