William McCloskey worked for Ameriquest from November till March. William was fired after he reported illegal activity behind the walls of his Ameriquest branch, which virtually mirrored all of the widespread reports about the company (to local detectives, the PA Attorney General, the S.E.C. And the F.B. I).
William sued Ameriquest Mortgage Company under the whistleblower provision of the Sarbanes Oxley Act of 2002. The act pertained to publicly traded companies and issuers of securities under Section 15 (d) and 12h-3 of the Securities and Exchange Act of 1934. Ameriquest was the largest issuer of asset-backed securities in the world during the refinance boom. William articulated how Ameriquest originated, processed and loosely underwrote toxic mortgages and then securitized them through their own subsidiary (Ameriquest Mortgage Securities) before the Department of Labor and the S.
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