Two days ago BehindMLM reported BK Boreyko’s request for an expedited decision on his motion to
short sell a property
.

The court granted the request, with the motion moving fast towards a January 15th decision.

Part of the discourse of the motion has seen the FTC file an objection to the sale, with the regulator questioning Boryeko’s honesty with Bank of America.

The specific wording of the FTC’s objection sees the regulator concerned

about whether the representations Defendant Boreyko made to Bank of America to obtain approval of the sale were truthful and complete.

The FTC’s concern stems from the fact that, following the
granting of a preliminary injunction
in September, 2015, Boreyko (right) has

liquidated his interest in Arizona Production & Packaging, a purportedly profitable and growing venture, for an unknown sum

moved the Court to permit him
sell his interest
in the related real property holding company, AZPACK Properties, LLC

made a $1,031,500 “loan” to Vemma, which continues to operate at a loss

With respect to the proposed short sale of the property in question now, the FTC reveal that ‘
Boreyko stopped making payments on the Property in September 2015
‘.

The earnest money check for the proposed transaction is dated November 17, and the residential purchase contract was executed on December 2 and 3.

However, Defendant Boreyko’s counsel first requested a stipulation to the sale at 11:48 a.m. on Friday, January 8, and requested a response by Monday, January 11 at noon.

Why Boreyko contacted the FTC over a month after the purchase contract was executed is unclear. Ditto why he demanded a response from the FTC within one business day.

Despite being given only one business day to review a transaction that had been contemplated for over seven weeks, the FTC made a good faith effort to review the materials provided by Defendant Boreyko’s counsel.

However, as of January 11, the FTC still had unresolved concerns about the veracity and completeness of Defendant Boreyko’s representations to Bank of America in support of his request for short sale approval

The FTC is concerned that Defendant Borekyo misrepresented his financial condition when claiming hardship to Bank of America.

The hardship letter Defendant Boreyko sent to the bank on December 9 informed the bank of the August 2015 asset freeze in this matter and vaguely stated that Boreyko was left without an income.

However, as noted above, the asset freeze was lifted by the preliminary injunction Order in September.

Moreover, following entry of the Order, Boreyko liquidated his valuable interest in Arizona Production & Packaging and made the $1,031,500 “loan” to Vemma.

Meanwhile, despite having available assets, Defendant Boreyko continued to fail to make payments on the Property and claimed to Bank of America that he was unable to make such payments. That claim appears to have been false.

Basically Boreyko claimed hardship to the Bank of America to gain approval of

🤖 Quick Answer

What allegations did the FTC raise regarding Boreyko's dealings with Bank of America?

The FTC objected to Boreyko's motion to short sell a property, questioning whether representations made to Bank of America for sale approval were truthful and complete. The regulator's concern emerged after Boreyko liquidated his interest in Arizona Production & Packaging following a preliminary injunction granted in September 2015.

🔗 Related Articles

- USFIA Receiver recovers $20.4 million
- $1000 bounty offered for Glenn Arcaro and CryptoNick’s whereabouts
- Melius Review: $50,000 passive forex trading account for $3000?
- Talk Fusion terminate top ranked affiliates, lawsuit filed
- CyberWealth 7 Review: Anti-keylogging and cloud storage