According to public records Sergio Pino got a $500,000 Mortgage Loan from the bank he is on the Board of, U.S. Century Bank. You are allowed, according to Federal regulations, to get a loan from a bank you own/are on the Board of. According to BauerFinancial, U.S. Century Bank has $112,000,000 loans to 9 different directors, officers, or principal shareholders.
The maximum principal indebteness on the Pino loan is $1,000,000, although dated July 30th it wasn't recorded till August 6th 2009. On August 19th a tax lien from the feds was recorded against Pino. It amounted to about $400,000. The tax lien was dated and signed by the Feds on August 5th. Pino has since satisfied this lien, late last month.
The lien actually was dated before the mortgage was recorded. Although the timing is close, Pino didn't have a lien when he got the mortgage. We all know if you have a lien you are not supposed to be able to get a mortgage -- even if it is your bank. It looks like Sergio was in the nick of time with this mortgage.
5 comments:
I love this blog!!!
Thanks...we love you too. Whomever you are.
BankUnited with its new owners from New York seem like pond scum.
No one should ever bank at BankUnited.
He sure gave a lot of money to a candidate running for District 3 in Miami who was brought from Kendall and probably back home now.
I thought there was a regulation against this type of thing? Are you sure he is lawfully allowed to take a loan from this bank?
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