Blue Mountain Consumer Discount manager faces federal fraud charges
By Peter Hall, The Morning Call (Allentown, Pa.) | |
McClatchy-Tribune Information Services |
The company charged borrowers steep rates that, on paper, allowed both Blue Mountain and its investors to make a handsome profit.
The reality, federal prosecutors allege, is that Lambert, 73, of
Lambert also used investors' money to pay for personal expenses such as life insurance; collectibles for himself and his family; gas and repairs for cars used by himself, his family and Cinelli; tuition for his children and relatives of Cinelli; and to make loans to himself and his children at rates a fraction of those offered to the general public.
He is charged in
Lambert, is represented by attorney
The charges come more than three years after
Also charged tax evasion in connection with the Blue Mountain case is former
The failure of Blue Mountain Consumer Discount touched off a storm of litigation in
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