redwood trust refund update

[cigs645]

Summary of Ken Titus' Redwood Trust Call of June 26, 2006

The only information of importance was that Redwood Trust IRs and/or Clients that sent money to Redwood Trust, and want to get their money back, should AS SOON AS POSSIBLE send a brief letter to:

THOMAS A. CAPEZZA
Assistant United States Attorney
Northern District of New York
James Foley Building
445 Broadway, Room 218
Albany, NY 12207

Phone: 518-431-0247
Fax: 518-431-0249

This letter should reference:

United States v. Kenneth G. Titus
Court Docket Number: 05-CR-0337

And should request a refund of their money after completion of the litigation. They must include documentation supporting the amount of money sent, such as photo copies of cancelled checks, money order receipts, agreements, etc. The sender must provide their name and contact information, including address, telephone number and e-maill address.

If a person has already sent such a letter pursuant to the April 19, 2005 instructions from the U.S. Department of Justice, they need not do so again.

Titus stated that this letter should be sent overnight to reach the U.S. Attorney's office by June 30, 2006 and apologized for not notifying people a week ago, when he knew of this date.

Most of the rest of the two hour call was devoted to his rationalization of the situation and promotion of some other program he is involved with.

Many misstatements were made such as that if the government wins the trial, that it will confiscate the funds and that "the judge, prosecutor and attorneys will get a piece of it."

This statement by Titus is false, as "the government will work to restore all forfeited funds to Redwood Trust investors."

I immediately contacted U.S. Attorney Capezzo and he urges people to get their requests in as soon as possible, if not by June 30th.

Sorry I couldn't get this out right away, as MSN has been working on their servers since Tuesday morning, leaving me with no Internet service until now.

Hope this is helpful,

[cigs645]

Update on Ken Titus / Redwood Trust

The trial of Ken Titus scheduled for August 14th, has been adjourned without date pending the outcome of a September 5th competency hearing.

Titus' defense counsels have filed a motion to determine his mental competency to "have rational or factual understanding of the charges and of the nature and consequences of the proceedings against him"

So until Titus is so evaluated and the hearing held, further proceedings in this case are postponed.

[charlesa6]

Thanks for update.

[cigs645]

Titus Pleads Guilty

On October 13, 2006 Judge Norman Mordue rendered a decision as to the mental competency of Kenneth Titus. He was found competent.

After this decision was made, Titus pled guilty to one Count of Mail Fraud and one Count of Money Laundering. Titus is currently in Federal Custody. The sentencing hearing for Titus is anticipated to take place in February 2007.

By this plea, Titus has given up any right to appeal and his claim to any of the Redwood funds held by the government. Therefore, the government can begin the process of determining what amount each REdwood Trusts client will have returned from the seized funds.