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Metropolitan Mortgage

In January 2004, Metropolitan Mortgage declared bankruptcy, taking down with it the fortunes of many investors who placed their trust in the decades-old Spokane company.


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Stories


  • Sat., Oct. 13, 2007

    Met’s Turner gets 2 years

    SEATTLE – A federal judge sentenced former Metropolitan Mortgage & Securities Co. executive Thomas Turner to prison for two years, saying that Turner shouldn’t be held solely accountable for the …


  • Sat., Sept. 15, 2007

    Met figures agree to deals

    Key figures in the Metropolitan Mortgage & Securities Co. accounting scandal have reached deals to settle costly lawsuits filed by the U.S. Securities and Exchange Commission. Among them: C. Paul …


  • Fri., Aug. 24, 2007

    Adelphia deal may hearten Met creditors

    A settlement requiring auditing firm Deloitte & Touche to pay $167.5 million to a special trust recovering money for Adelphia Communications Corp. creditors provides some buoyancy to the difficult task …


  • Sat., June 9, 2007

    Turner convicted in Met case

    SEATTLE – A federal jury convicted former Metropolitan Mortgage & Securities Co. executive Thomas Turner of three felonies Friday morning. It took the jury several hours to reach its guilty …


  • Fri., June 8, 2007

    Trial of ex-Met exec goes to jury

    SEATTLE – Former Metropolitan Mortgage executive Thomas Turner is either a scapegoat for shoddy and negligent auditing work, or a sophisticated white-collar criminal.


  • Thu., June 7, 2007

    Turner says he obeyed his boss

    SEATTLE – Former Metropolitan Mortgage & Securities Co. executive Thomas Turner testified in his criminal trial Wednesday that he was only doing the bidding of his boss, C. Paul Sandifur …


  • Sat., June 2, 2007

    Former auditor grilled by ex-Met executive’s lawyer

    SEATTLE – Metropolitan Mortgage & Securities Co.’s former auditor Jack Behrens once told the U.S. Securities and Exchange Commission that he thought just about everyone in the defunct Spokane company …


  • Fri., June 1, 2007

    Auditor testifies Metropolitan needed ‘extra attention’

    SEATTLE – Ernst & Young LLP charged Metropolitan Mortgage & Securities Co. a hefty $1 million each year for auditing services, betting its reputation that it could handle a firm …


  • Thu., May 31, 2007

    Met Mortgage auditor says exec misrepresented sale

    SEATTLE – Metropolitan Mortgage & Securities Co.’s financial auditors counseled executives of the Spokane company again and again about special accounting rules designed to prevent financial fraud, one auditor testified …


  • Wed., May 30, 2007

    Testimony begins in Met exec fraud trial

    SEATTLE – Federal prosecutors called a former executive of Metropolitan Mortgage & Securities Co. a liar who schemed to mask losses at the Spokane financial conglomerate by deceiving auditors. The …


  • Sun., May 27, 2007

    Met trial set to begin

    The criminal trial of a leading executive of defunct Spokane financial conglomerate Metropolitan Mortgage & Securities Co. begins Tuesday in Seattle, three years after the company filed for bankruptcy amid …


  • Fri., Feb. 2, 2007

    Met Mortgage figures reach deals

    Two former Metropolitan Mortgage & Securities Co. executives and a Rochester, Wash., businessman accused of fraud have settled lawsuits pressed by the U.S. Securities and Exchange Commission. The men, including …


  • Tue., Oct. 17, 2006

    Met fees top $19.4 million

    Lawyers and other professionals unraveling the tangled business dealings of Metropolitan Mortgage & Securities Co. have collected $19.4 million in fees and expenses during the past 21/2 years, according to …


  • Wed., Sept. 20, 2006

    Even Met disbursements are controversial

    Richard Ziehnert hurried to the trash can and started digging. At last he retrieved an unopened, nondescript envelope from Wells Fargo. Inside was a check for $263. It wasn’t so …


  • Tue., Sept. 12, 2006, 12:10 p.m.

    Met Mortgage starts mailing out $38 million payback

    At last. After 31 months, 12,500 court filings and a full-scale federal accounting fraud investigation, Metropolitan Mortgage & Securities Co. is mailing checks today to the thousands of people burned …


  • Sat., July 22, 2006

    Payout planned for Met investors

    Investors in defunct Metropolitan Mortgage & Securities Inc. will receive a small payout within about two months. It’s been a 2½-year wait for thousands of people, who could only watch …


  • Fri., May 26, 2006

    Met pursues Sandifur money

    Helen Sandifur, the ex-wife of former Metropolitan Mortgage & Securities Co. CEO C. Paul Sandifur Jr., is fighting allegations that $2.1 million paid to her by the company should be …


  • Thu., May 18, 2006

    Met creditors closer to payouts

    Metropolitan Mortgage & Securities Co. and its insurance affiliate have resolved part of a bitter dispute that should finally allow the bankrupt firm to release money to thousands of creditors …


  • Wed., May 17, 2006

    Met claimants to split insurance pool

    Metropolitan Mortgage & Securities Co. investors would split about $15 million under a settlement announced this week. The deal, just one small piece in the litigious web of Metropolitan’s bankruptcy, …


  • Tue., March 14, 2006

    Met affiliate’s worth plunges

    The net worth of Metropolitan Mortgage & Securities Co.’s insurance affiliate has tumbled to $41.7 million as state insurance regulators continue to rework its financial holdings and strategy. Western United …

Documents