Below is the letter I have sent to congressman Shaw, I have read many reports about Ocwen and having worked at the company I can attest to their behavior.
They way to get action is to write the congressman so he can do something about this company. This company is in his district. So lets band together and contact him.
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Congressman Shaw;
WEST PALM BEACH OFFICE CONTACT INFO
222 Lakeview Avenue
Suite 225
West Palm Beach, FL 33401
Phone: 561-832-3007
FAX: 561-832-0227
In November I was hired to perform a Sarbanes Oxley assessment of the network infrastructure at Ocwen Federal Bank located at 1665 Palm Beach Lakes Blvd, West Palm FL. This was in accordance with the new SEC legislation passed in 2002.in January I met with Dale Pickford the CIO of Ocwen, Stuart Fink the Manger or Internal Audit and Eric Barbario, a former employee hired to do the Financial Sarbanes assessment.
During this meeting Mr. Pickford claimed that NO controls existed on any of the End of Day Processes. This is the primary account reconciliation process that has between $100-$150 Million per day in transactions He repeated this numerous times. Money in "buckets came
in" and no checks existed "to show were the money went".
I met with Eric and Stuart within minutes of this meeting and Eric stated very specifically that Mr. Pickford was making statements without any basis in fact and that if his statements were true, the CFO and CEO would be in jail. I informed them that this was a material weakness and should be investigated. I discoved that no documentaion existed for this entire process. Noone inside the entire company could describe how it worked or what was pulled into and sent of this $100-$150 Million dollar accounting process.
As part of the review I performed I was reviewing the uptime of the company's primary financial applications called RealServicing. The uptime for their primary financial applications was horrible, Real Servicing was down as much as 35% of the time. This meant that the company could not report loan information correctly 35% of the time. I reviewed over 14,000 trouble tickets submitted for the company's financial applications. These were serious Material Weaknesses that if not resolved had to disclosed to the public.
I had been examining log files for an entire year. The day after I notified Dale Pickford that I had completed my review of the data, ALL OF THE DATA WAS DELETED FROM THE NETWORK.
I sent repeated request to Mr. Pickford, Bill Ownby (Manager of Operations) asking for explanations of what happened to this data. Mr. Pickford met with me and explained very specifically that I was stay away from performing this type of review, and I would not look at this data any further. I did not receive a single response and my contract was terminated shortly afterward.
Mr. Pickford requested that I send him all copies of the data I had gathered. I informed Mr. Pickford that the only copy was on my Ocwen PC. The next day my PC hard drive failed, I am a qualified PC Tech with 21 years of computer experience, upon examination it appeared the hard drive had been tampered with. I have digital images of the hard drive to support this.
I notified Kevin Wilcox the VP of HR of this situation, I informed him that it appeared this data had been intentionally deleted and that based on my understanding of current federal law that I was required to notify the company of this action and allow them to investigate.
After sending this notification I waited 45 days, I again contacted the company and received no response. At that time in accordance with the Whistleblower Act I contacted the SEC.
Last week Ocwen filed suit against me for reporting this information to the SEC.
Sir this company is dirty, the data I reviewed support's a Class Action Suit Federal District Court in Connecticut Docket #3:02CV960 this is $1.5 Billion class action claiming accounting fraud and civil conspiracy.
I have observed first hand Material Weaknesses that in Accordance with Sarbanes Oxley 404 must be documented and resolved or reported in their public disclosure. It appears that Ocwen is attempting to hide material weaknesses in their network infrastructure to avoid making this disclosure.
I have filed a report with the SEC and I am asking your help to make sure that this company does not get lost in the shuffle. And a proper investigation is performed.
Sincerely
Richard
Delray Beach, Florida
U.S.A.
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