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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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  • Tue., Feb. 14, 2006

    Met sues Sandifur family members

    Bankrupt Metropolitan Mortgage and Securities Co. has sued members of its founding family for millions of dollars, alleging that years of stock dividends, a divorce settlement funded at least in …

  • Fri., Feb. 10, 2006

    Judge approves Met bankruptcy plan

    A federal judge confirmed Metropolitan Mortgage & Securities Co.’s bankruptcy plan Thursday. The action begins a series of events that should return money to thousands of regional investors. Metropolitan trustee …

  • Wed., Feb. 8, 2006

    Former Met officer may deal

    Federal prosecutors and a former Metropolitan Mortgage & Securities Co. executive accused of deceiving auditors are negotiating a possible plea agreement. Such a development with Thomas Turner, who worked as …

  • Thu., Dec. 22, 2005

    Auditors of Met Mortgage lose bid

    A federal judge denied on Wednesday an effort by accounting firm PricewaterhouseCoopers LLP to escape blame in the failure of Metropolitan Mortgage & Securities Co. The Big Four accounting firm, …

  • Wed., Dec. 14, 2005

    Met creditors waiting for checks in mail

    Metropolitan Mortgage & Securities Co. creditors can expect a check early next year to help ease a bit of the sting out of Christmas shopping bills. Though their initial payout …

  • Wed., Dec. 14, 2005

    Auditing firm asks dismissal of Met suit

    An auditing firm that signed off on Metropolitan Mortgage & Securities Co.’s financial reports years ago was duped by dishonest executives and can’t be blamed for the Spokane company’s financial …

  • Tue., Dec. 6, 2005

    Affiliate seeks $220 million from Met

    An insurance affiliate of Metropolitan Mortgage & Securities Inc. has leveled a $220 million claim against the bankrupt firm, an action that threatens to delay and cut the cash recovery …

  • Thu., Dec. 1, 2005

    Sale of insurance affiliates may help some Met creditors recoup losses

    Insurance regulators in Idaho and Arizona struck an agreement to sell two insurance affiliates of bankrupt Metropolitan Mortgage & Securities Co., a deal that may return up to $20 million …

  • Sun., Nov. 27, 2005

    Met auditor wants protection

    An accounting firm caught up in the Metropolitan Mortgage & Securities Co. bankruptcy has asked a federal judge to dismiss claims that could cost it tens of millions of dollars. …

  • Tue., Nov. 1, 2005

    SEC charges whistleblower over Met transactions

    The U.S. Securities and Exchange Commission’s case against former Metropolitan Mortgage executives includes allegations against a whistleblower who’s now running a real estate development business in Spokane. Metropolitan executives recruited …

  • Tue., Oct. 25, 2005

    Deal would free millions in Met funds

    A proposed legal settlement involving former board members of a Metropolitan Mortgage affiliate would free millions of dollars to be returned to investors and release the directors from lawsuits and …

  • Sun., Oct. 2, 2005

    Sandifur’s lot

    EL CENTRO, Calif. – Less than a dozen miles from the Mexican border, C. Paul Sandifur Jr. is leading a new life. It’s here in a desert town in southernmost …

  • Fri., Sept. 30, 2005

    Ex-Met exec denies misleading auditors

    SEATTLE – Thomas Turner, formerly the No. 2 executive at the Metropolitan Mortgage & Securities group, pleaded not guilty Thursday to seven felony counts of misleading auditors. Turner appeared in …

  • Tue., Sept. 27, 2005

    Ex-Met executives accused of fraud in ‘our little Enron’

    Top executives of Metropolitan Mortgage & Securities Inc. were accused of fraud Monday, the first federal charges since the company went bankrupt. The actions allege former Metropolitan Chairman and CEO …

  • Sat., Sept. 24, 2005

    Met failure to end in pennies on dollar

    The Metropolitan Mortgage & Securities Co. bankruptcy could be wrapped up by Jan. 4, nearly two years after the Spokane company filed for protection from creditors. Metropolitan’s more than 16,000 …

  • Fri., Sept. 23, 2005

    Met Mortgage sues former accounting firm

    Current directors of Metropolitan Mortgage & Securities Co. have sued their former accounting firm, PriceWaterhouseCoopers LLC, alleging that negligent audits performed in 1999 and 2000 failed to warn them that …

  • Fri., Sept. 2, 2005

    Met insurance affiliate’s worth down sharply

    Metropolitan Mortgage & Securities’ large insurance affiliate is worth half what it was a year ago when state regulators seized control, a worrisome development as creditors await word on the …

  • Tue., Aug. 30, 2005

    Met Mortgage sells properties in Hawaii

    Metropolitan Mortgage & Securities Co. sold its idyllic Hawaiian properties and netted $16.7 million, a bit of bright news for creditors of the bankrupt company. Proceeds bested the company’s initial …

  • Tue., Aug. 9, 2005

    Brokers named in Met scandal

    A pair of Portland brokers have been targeted by a federal grand jury and ordered to cooperate in a separate U.S. Securities and Exchange Commission fraud investigation into Metropolitan Mortgage …

  • Fri., July 29, 2005

    Met squabble could cut size of creditors’ payback

    Festering problems between bankrupt Metropolitan Mortgage & Securities and its valuable insurance affiliate threaten to cut the amount creditors could get back. “We have a bunch of investors over the …