You can’t keep a good scam down
As the saying goes, you can’t keep a good man down. Or in the case of the Spa City’s very own professional con, you can’t keep a good scam down.Dave Silipigno is at it again. After bilking millions of dollars from Bears Stearns and still waiting to make his mark in the film industry, the mortgage lender has decided to go Madoff with something that looks suspiciously like a pyramid scheme. Only this time, it’s legit. No seriously, it really is.
Hey you over there. Yeah you, the one who just can’t seem to make ends meet. Did you ever want to cut out the middleman? Did you ever wonder why you can’t have a slice of the more than $200 billion dollar online shopping industry?
Well then take a look at ShopWurld, the exclusive online service that is guaranteed to make you money while you shop. There’s no money down. There’s no investment. There’s no risks. Just shop like you normally do and watch the money roll in!
Into Silipigno’s pockets that is. Call him an entrepreneur or brand him a scam artist, but he always seems parachute out of the crashing airplane with a bar of gold in one hand and get-out-of-jail-free card in the other. He avoided a 10-year prison sentence after more-or-less embezzling $5.6 million from his mortgage banking company before it dissolved and left nearly 400 people without work or paychecks before Christmas. The impetus for allowing him to remain free largely stemmed from the idea that he couldn’t repay the money he bilked –and then conveniently hid –unless he was free.
Why let one measly felony arrest scare you away from a startup company founded by a local philanthropist and movie maker? Of course, the movie he made at the Batcheller Mansion more than three years ago has yet to be released, despite persistent claims that it would in 2008. Or was that 2009?Let’s also overlook the fact that
Don’t let it sour you to the idea of ShopWurld. And don’t even think for one minute that Silipigno’s venture into the world of online media has anything to do with Wurld Media Inc., the peer-to-peer company that also left its employees holding the bag when it went belly-up last year.
Silipigno’s Partner Paul Bardwell claims the choice of names was simply because ‘ShopWorld’ was not available. Bardwell, an unindicted investor in the Wurld Media scheme, points out that the defunct company has absolutely no relation to this new online shopping network focused “on assisting Charities here and abroad.”
So let’s get this straight. Charities are supposed to trust the guy who made his millions offering subprime loans; had his fiancé deposit in her account more than $300,000 he removed in cash from his own Albany bank; avoided a 10-year jail sentence for a wire fraud conviction; didn’t know anything about the pounds of cocaine moving through his Saratoga Springs business in broad daylight; made a B-movie that still hasn’t surfaced in a theater and is partners with an Wurld Media investor. And that’s not even mentioning the fact he’s suing the city for over valuing his 20,841-square-foot mansion, which is reportedly the second largest residence in the city.
Simply put, Silipigno’s business ventures seem about as genuine as the offers of untold riches promised in email from some deposed Nigerian prince or dignitary. It’s a god-given miracle that he wasn’t run out of the city with a fresh coat of tar and feathers. Even more amazing is the fact that he somehow still has the capital to start companies like ShopWurld. But like P.T. Barnum once said, there’s a sucker born every minute.
posted by Horatio Alger at 8:00 AM
81 Comments:
The technology must be from Wurld Media.
If you recall, Wurld Media got into its FIRST bit of trouble several years back by developing a piece of software that hijacked afilliate tracking codes from unsuspecting website owners.
After getting slapped by both the market and by authorities, that product was tamed a bit and called Buyer's Port.
It got lost in the shuffle a tiny bit as Wurld went about trying to rule the digital music business with a product called Peer Impact, but it was still there.
As we know, Wurld went down in flames, with indictments, guilty pleas, convictions and a jail term.
Does anyone think it just a coincidence that a new company arises that:
a)has the word WURLD (with a U in its name)
and
b) is based on affilate revenues?
I wonder if the IRS, the courts, etc know about this?
My guess is that the 'former investor' (who was likely just a burned party) was given this 'asset' as a way of cutting his loss. Now he attempts to do something with it.
But you're right--why get another convicted felon involved in it?
Wow.,,,
Well said. What a creep.
yeah---DBS made MILLIONS....told his workers have babies, buy homes, start families and you will always have a career with me. He took the money and ran, left his employees without even giving them a servance check or anything.
Thanks.. this type of injustice rarely gets any exposure. Habitual is the only word that comes to mind. Prison may help him break his habit or at least protect the average citizen from him
He's already seen prison, didn't he?
If so: it obviously didn't do the trick. He got out, and there was his mega house waitiing for him; as wll as the go-ahead to jump right back into the mortgage business again
Is there something wrong here or what?
It's happened before and it will happen again. Two well known local businesses filed for bankruptcy in the 1980s, left their creditors high and dry. Then they came back and used the same names again, never using the same creditors or paying past debts. Their names? You would be surprised!! I can't tell you., but backwards thinkers could figure out uobaM and another business named after the capital city of England. Both of them right on Broadway, Saratoga.
No consciences.
Didn't he employ a former Congressman's former wife (and exbartender) in his last mortgage business as a favor to that former Congressman?
This is exactly why this country needs to be more "employee centered"
rather than employer and business centered.
Things like this happen when people who run businesses know that they will be "protected" by like minded individuals, if it had been an employee who had embezzled $$ done this to the company, It would have been much more publicised (sp)
This is why reform is so important, we need to reform many laws here in the Empire State so that things like this dont happen.
As it is right now, it is much too easy for predators like this to break the law, break the morale of the working people, and then open up shop someplace else.
Yo HO, a heads up. A friend of mine posted a link to that new wurld site on her myspace and was promoting it. I read your thing the same day and being skeptical of these cheeses I sent a link to her. She read it and forwarded it to the person that told her they were legit. That person forwarded it to the source of wurld-crap, so they are aware of your thing. Gird for war? Fuck them anyway. Pax, PhilthyRex
5:34
A bankruptcy filing has nothing to do with corruption, nor is it anything to do with criminal accusations.
David S' compnay and Wurld Media are examples of criminal enterprises. And that is what is being discussed here, not Chapter 7/11 liquidation/re-organization filings.
Get your act together--and tyour facts straight. Stay on topic, if at all possible.
As opposed to slandering two companies that successfully emerged form the reorganization process and continued on.
Idiot
kind of seems like municipal employees have a reason to be protected by unions eh?
Dear Amazed at Stupidity
Apparently you weren't one of the people who got screwed by the businesses who "successfully emerged" and then continued on their merry way, forgetting all the people and businesses who made them successful in the first place.
Idiot
Everyone knows that DS is the biggest ahole, BUT a HUGE percentage of his old employees from NFC still went to go work at FG. Many made a lot of money and despite being burned, still followed him. The same jerks were still out during happy hour doing the same stuff.
Regardless of what anyone says, he knows how to make money and he has made it for more than just himself. Perhaps this time he is really doing it (well, some of it) for a good reason.... I am NOT holding my breath, but the idea behind it doesn't seem half bad.
If you want to look at other entities that have done such things, why don't we all look at Live Nation - how many times has it basically gone broke and changed names? I can't remember what it was before; I'm just waiting to see what it gets called next. Having Clear Channel and SFX related can't hurt.
Have any of you actually looked at the "Scheme"? If there is no investment, no commitment, and not illegal. What is the scam?
Love this anonymous posting, I seriously don't believe half of you.
Just trying to make some extra cash, but then again the gov't will take their share and bail out the "legitimit" companies.
Here's a tip: contribute when you have actual facts.
All of the Wurldly people involved here have a simple truth about them. They ultimately fail at every single business venture they attempt, sometimes in such a way that other people lose money as well. This is an documented reality. Painfully their common bond is exactly this-the new Wurld guys invested and lost in the same scheme they are now attempting! But they are smarter, right, even though they failed twice at the one thing they seem to know, not once but TWICE?
Maybe ShopWurld is a smart way to try to get your money back, but maybe not so smart since everyone is ready to pounce and reveal the men behind the curtain on what is basically another MLM pyramid where really only the top people (the owners) make money.
Silipigno’s charity work is obviously real, but the question everyone always asks is where did all the money come from? The $300,000 in CASH to start the second mortgage company and the $5.6 million to Bear Stearns to avoid jail time. All this money was obviously made by his previous 2 companies and stockpiled. Silipigno is all about the mortgage industry making him big dollars, but in the end, one company ends up in a conviction for wire fraud and lying and the other ends 9 years later tied in with the utter collapse of the entire mortgage industry, which he apparently had no idea was going to happen.
If any more of his misguided adventures end up owing people money, and they very well could, how will he pay everyone back this time? With kids toys, movie passes to The Skeptic and leftover tanning coupons? The wurld he grew up in no longer exists and based on his latest company failure could he even do it if he wanted to? Plus, isn’t he not even allowed to run a mortgage company since his conviction, so how does that work exactly State Banking Department???
ShopWurldMedia’s flawed model could be the answer, since like most MLM’s, and I repeat, pretty much only the top people make money. This is why these schemes come under fire all the time. The cheesy videos, the exaggerations about fast growth and riches while you sleep, the challenge getting anyone with half a brain to join under you, etc., etc., etc. The delusional nature of these stay at home businesses is sad when you read the hopefulness of the participants, especially when clouded by the promise of raising money for charity. The shame! It had better work or the one last thing the guy has in his corner will be blown to bits.
Could this business possible even pass an audit of its business practices? If they have nothing to hide, why no names on the video, no phone number on the website to call, where is the full disclosure? The names of the founders first only came out on the blogs, duh!
The model is kind of weak, let’s see, it looks like you make about 9 cents a person per month (assuming you qualify to even receive anything), while they make the other 99% of the money, upfront. That sounds like an awesome home based business, let’s all meet in 4-12 weeks and buy a pack of gum! The payouts they list for each store don’t even look correct, they all look consistently lower when compared to the larger affiliate networks out there that they mention (like Commission JUnction and Linkshares). So which payout do THEY get in reality? You have to assume the higher one if they are part of some giant network, right? So is the difference going to charity or what? What happens when just one major charity figures this out for themselves????
As for the last post, Brez I wish you luck. No one online probably wants anyone else to lose money, it is just amazing how sketchy is all looks to the outide observers who know even a little about the history here.
There is so much negative information out there, some triggered by them and their own actions, like telling the Times Union Buzz they were investors in Wurld Media but the 2 companies have nothing in common. Really? That can mean a lot of different things to different people, but while the Wurld Media people are probably not involved, there is so much you can compare betweenthe two that that is the common part. The people I know from Wurld Media really cared and put a lot of hard work and commitment into the company. You get paid back by not getting paid and losing your investment of time and 401k money. It must be doubly heartbreaking to have to live through watching someone else pick up where they left off, with the same misguided and greed based business plan. Hopefully the people on the blogs will take comfort in at least being able to say I told you so someday. :)
demroc said: "he knows how to make money".... so do crack dealers... I think you've missed the point, or just apethetic all together, it's how you make the money. Is it honestly, in this case one "wunders". sorry wonder with an o was already taken.
And Mr. Bardwell's wife is president of a local professional organization, the American Society for Training and Development. But, she's not a trainer....go figure. As for me, I'm glad FGM is belly-up; they all smoked way too many cigarettes....
there were so much shaddy practices at FGM its amzazing he didn't go to jail over it. 5 year prepays on 2 year arms, refinacing people 4 times in 2 years through there "stepping stone" programs, not allowing people to use other title companies, just the one he had ownership with charging 2 pts, real shady people fixing documents (if you know what i mean) to get loans approved, having huds resigned weeks after closings to show his "kickbacks" from wnf. i like the way he spent 200k to rent the budweiser boat in the cannes film feast for 2 hours, while his loan officers are going to food banks to eat. what a scumbag
You people are mostly all whacked out of your minds. My priest once told me as a young boy to learn to forgive but never forget....... I worked for DBS and the lot of the crew at FGM for over 5 years, yes people worked with this firm for over 5 years. I think you all are really missing the point, all the negative stuff that was done was done a long time ago, whether NFC, FGM or whatever mind making business venture David ventured. A company the size FGM was and personnel needed to grow created an evironment of not so good doers, but do you really think that a guy who headed a company that large interviewed everyone....COME ON....get over it or stop being a pansy hater here on a stupid blog. I am involved in the mortgage business still not thru a spin off of DBS and am involved in Shopwurld. I realized that there is a better way to be a local business professional than working for a large fast paced company. Shopwurld has no investment.....so how do you lose???? You are not losing money obviously....., there is no overhead for store, so lets penalize the matermind behind the new online website that launched in your local area to HELP CHARITIES AND OTHERS DURING A TOUGH ECONOMY. I know this works because I have already helped charities to raise funds in an otherwise not friendly economy. If you want to do it, then do it, if you dont then continue to act like Prez Hilton of Toga and keep on writing your bullshit. Thanks for wasting my time.
5:34
"Amazed at stupidity" said "don't be slandering businesses" when he/she should have used the work "libel" because it was written, not spoken. So who is stupid now?
10:24
What did you do there, clean teh urinals? Anyone with any expereince knows that the person at the top sets the tone for the organization. Just because he didn't interview staff doesn't mean he had no influence on who was hired. He had a reputation as a scumbag so the people doing the hiring and the people applying thought it was ok to hire the same type or to act the same way. You don't see people at the Adirondack Trust Company acting like that. It's because they have someone leading the bank who sets a good example for the employees
I have to laugh when defenders of this guy mention his "community or charity work". Go look at the judges orders that kept him out of jail...
The judge ordered his "community service" as a requirement to stay out of jail.
Allowing this guy to lead a business is like giving matches to an arsonist.
A tree is known by it's fruit; a man by his deeds. A good deed is never lost;he who sows courtesy reaps friendship,and he who plants kindness gathers love.
Saint Basil
I along with many others have counted and witnessed many good deeds from Mr.Silipigno. I recommend that you take a look at his foundation and view some of his his deeds. Perhaps it's time for you to start planting some kindness yourself. Mr.Silipigno has a letter which addresses the facts of the case which you or anyone can locate by going to the David B Silipigno foundation web-site. Everyone has opinions but unless you can unequivocally attest to something being factual you should not attempt to make "your words" appear to be factual but rather what they are which is "your opinions". There is much good that can and will come from ShopWurld. Thousands of recipients including numerous fundraising organizations and charities have entrenched themselves into this opportunity. If you have a personal grudge which it appears from your opinions that you do perhaps you should contact Mr.Silipgno direct. He has an open door policy. I am certain he would love the opportunity to clear up all of your misconceptions.
As an ex-employee of Mr. Silipignos, I have nothing but respect and admiration for him as a person and a business man. We had a strict code of work ethics to adhere to when I was an employee of First Guarantee Mortgage. Some people had a difficult time accepting the hard nosed approach. Those people were dealt with accordingly. Obviously Mr. Silipigno may have lost some friends from the difficult choices he had to make but he was always fair to everyone. Hes a smart and morally sound business man. As a result of FGM having consecutive years with the lowest mortgage defaults on mortgages in the industry , FGM employees were compensated well above the national average for this great accomplishment. Borrowers were properly pre-qualified and FGM made sure borrowers could afford their payments unlike many other mortgage brokers you hear about in todays news. Over the years I had the incredible opportunity to participate with Mr. Silipignos charitable causes in the community. Im proud of that. I dont know many individuals who are under 40 years old and have donated as much time and money to various charities. In fact I dont know anyone. Its a shame that some people dont recognize what kind of person Mr. Silipigno really is. I believe fear always springs from ignorance and causes people to lash out at things they should really take the time to understand. People who write these negative comments in blogs are cowards. They dont have the facts and they should use their precious time on this earth more wisely and give back to their communities like Mr. Silipigno has done over the past 10 years.
"The Greatest ignorance is to reject something you know nothing about"
Martin Luther King
Seems like everyone responding to this blog is real sour on their own life. Maybe you all should just end your lives and make the people that read the facts all happy!!
4:17, 4:44 and 1:41,
There are facts about this man's life that seem to cloud the picture that you proffer as truth. And frankly, these facts seem much more compelling than anonymous comments left on this blog.
Certainly, his foundation has done good. But it should be noted that it was dubiously created after a judge waved a 10-year prison sentence over his head. When he was a 30-something millionaire, no such foundation existed, which leads me to believe he's making a concerted effort to launder his image in the public. Fortunately enough, the media continues to remind us of his wrongdoings in the past, as they should.
Perhaps it's a chapter that is closed in his life, and perhaps he's a saintly person now. That doesn't change the fact that he did some very naughty things in the past. Look at it this way: How many felonies have you been charged with? And out of those, how many have you pleaded guilty to?
Mr. Silipigno is in a minority citizens that has a felony conviction, and one that isn't exactly a youthful indiscretion. Defend him if you will. Perhaps he's worth it. But depicting him as a saint? Pulease.
Just tonight a friend of mine who has no grudge against these folks told me that several charitable organizations in this city wanted nothing to do with this guys money. Maybe their positions were based on rumor and speculation, I'm not sure. Another unsubstantiated rumor I heard was that the type of mortgages these guys were offering were not legal in NY, so all their transactions were based out of state. Don't shit where you eat, I guess? Did you see these guys who worked there, covered in a cloud of cigarette smoke, and garish ties? Low rent mafioso wannabes. And the "ladies" at he office? Strictly "of the night"! Business attire? Full on Staten Island slutty clubwear in broad daylight! On Broadway! Too bad Sugar Britches wasn't still open right next door, they would have had a steady clientele! Go home sleazeballs! Pax, PhilthyRex
It seems you you are missing a few facts. David Silipigno did not shut down NFC. He attempted to fix it and was ousted by Bear-Stearns who then ran the company into the ground and closed it right before Christmas.
In addition David Silipigno paid Bear-Stearns back almost 8 million and there was no obligation or agreement for him to do so. That seems to be a lot more the the 5.6 million lost and how many other companies have paid back investors after the fact? You called it embezzling. The money was used to keep NFC afloat during a massive change in the market place.
David has also recently been involved in a mortgage company in Saratoga as I'm sure your all aware, but did you know for the last 2 years that company has made (0$) and David Silipigno has been writing checks to cover the cost to the tune of about 2 million dollars
Lastly, why is the movie the Skeptic even brought up here. Contracts have just be finalized for the US, Canada and most of Europe. Please by all means check it out at http://www.imdb.com/title/tt0493451
This movie did nothing but bring good to Saratoga. Millions of David's were spent. He took no investment capital and this blog tries to tarnish that like it is a crime.
The bottom line is ShopWurld will succeed for those willing to work it. Just watch and see! For those of you who really don't understand it, please check it out before you bash it. It is the same as any other business out there and OMG! it makes money for the owners to. Isn't that the point of a business.
I have dealt with jealousy for many years and it comes in many forms, but this blog has reached an all time low. I won’t apologize for having been successful, nor will I apologize for all those around me who attained success beyond what they otherwise might have been able to achieve. I challenge anyone to put their name to these Blogs because my attorneys are chomping at the bit to get you in a courtroom where facts are all that matter.
There is so much false information on this blog I don’t even know where to begin. I typically would never waste my valuable time dignifying these ridiculous allegations with a response, but I can’t sit back and allow this libel to continue.
First of all, my first business that I started in my dorm room when I was 19 yrs old was extremely successful for nearly a decade. The collapse of the subprime market put us in a sudden and difficult situation and I’ve made all the details very transparent on my foundation website in the About David section (TheDavidBSilipignoFoundation.com). The ending was not what I would have hoped but I am very proud of what we achieved from a company that started with $2,000 I made working in a paper mill when I was 18 yrs old. I would love for you to share with me and your readers what you have tried to accomplish in your lifetime….my guess would be, not much. By the way, I received probation for the incident, which was terminated 1 yr early and I have since been given a certificate of relief by the court, which allows me to get licensing wherever applicable (couldn’t have been quite as bad as you’d like people to think).
At FGM we had over 600 employees at the height and yes, two telemarketers were arrested for selling drugs to an undercover police officer in a “local bar.” Anyone who has employees clearly knows that you can’t control everything they do, especially when the average age is 18 to 25. The employees were terminated and the company was not involved at all in any way with the entire ordeal. After the incident the company instituted a drug testing policy for all new employees and that policy remained in effect for the company’s duration. Your facts on this again are so far off that it’s embarrassing for you.
FGM received 4 letters (http://fgm-performance.com/index.html) from the 4 lenders they sold loans to that all state that they had the lowest or near the lowest delinquency rate of any company they dealt with in the country. If the loans FGM put people into were inappropriate in any way, it would show up in our customer’s inability to pay, which wasn’t the case. And, let’s be clear, the programs FGM offered its customers were the programs offered by various lenders. FGM was just a broker. It did not create these programs. As President Reagan said, “Facts are stubborn things.” So, wrong again on that one.
FGM accomplished amazing things, doing 1 billion dollars of production year over year but, on the contrary, I always warned the loan officers not to spend it all. I knew better than anyone, things can change quickly, and they did. Being young and naïve many of the loan officers, like many others in the bull market across the country, spent too much and saved too little. All we could do is provide some advice (as we did), but in the end everyone makes their own personal decisions, some better than others. In fairness, even the experts didn’t see the downturn happening so suddenly.
As everyone with a TV is aware, there is an economic crisis going on all over the world. I am not sure if you (the coward hiding behind this blog) was aware of that? FGM was not profitable for its last few years of existence. If you ask any manager who was at the company as we were winding down, they will tell you that I wrote checks out of my own pocket to keep people employed to the tune of 2 million dollars. Does that sound like a guy who is self serving and only cares about himself? I did it because I cared about the people as I always have.
We collectively didn’t see the mortgage business as something we wanted to participate in long term so we are devoting all our time, energy and money in to a new venture. Are you suggesting that we should have remained in an unprofitable situation until all our money ran out? Two years wasn’t quite enough for you? We created a business that employed hundreds of people and paid them very well for years. Nobody was ever promised a job for the rest of their life! Somehow, by your rules, companies can’t downsize or close if they are no longer profitable. Let us know when you open a business of your own. I’m sure many people would love the job security you would provide.
As for philanthropy, I have donated nearly 2 million dollars to causes in the area (none of this was court ordered), including providing a Christmas for hundreds of kids that never would have otherwise had one. I bet you walk right by the red Salvation Army cup and don’t even drop in a penny, but here you are, passing judgment on me. You should be ashamed of yourself. I am not a perfect person, but I can assure you that my contributions to my community, employees, and family have been tough to match.
On to the next point, yes we did make a movie with Tim Daley, Tom Arnold and Zoe Saldana and its called The Skeptic. This is the point where you really show the readers how twisted and demented your mind really is. The movie is currently being sold all over the world, but the real question is how the hell is it any of your business when and how we sell our movie that I financed with my own funds??? The only person who is out any money between the time the movie is made and the time it sells is ME! Yet you are trying to spin this in to something sinister? This makes absolutely no sense.
In terms of the new venture, let’s start with why charities would trust me. Maybe because I have been there for them year after year for the past 8 years with both my time and money!! Seems like a pretty good reason to me. I can assure you I have a well earned relationship with many charities. Consistency breeds long lasting relationships and that’s exactly the case here.
The new venture has spread into 48 states and 5 countries in 3 weeks!! It’s an amazing program that was built with the assistance from legal council specializing in network marketing and fundraising. Maybe you should research what a pyramid scheme really is before you start throwing around terms like that without understand what you’re talking about. You offend everyone involved when you say it’s a scam. It’s very unfortunate that you chose to libel this company in the way that you have. I can assure you that we are looking for you and anyone else feeding this libel and we will vigorously pursue a remedy in the courts for these false remarks and flat out lies. You are the one committing the crime here. Look in the mirror for your next “sensational” blog.
In terms of the Wurld Media connection, there is absolutely none! Our business is much different than Wurld Media and we have none of the same technology that they had. It’s a bit childish that one would suggest that just because two businesses are from the same town and have a “u” in their name, that there is an affiliation.
I welcome you to come right into my office at anytime and we can sit down and go from point to point. My guess is that you will remain anonymous for the remainder of your life. For any readers that were subjected to these outrageous lies and allegations I will be more than happy to clarify any points that aren’t clear to you.
David Silipigno
I do not think Dave Silipigno co-founder of Shopwurld.com is a bad guy, but that does not mean he is a great businessman. Unfortunately each of his business ventures, while excellent for a time, have not sustained themselves over the long run. It therefore makes it look like he mayeb does best at cut and run type businesses?
As for the people he hangs around with, these failings are also a reflection on them as a group and he does not seem to have too many left these days, assuming that Shopwurld is his main business. So after 15 years or so and millions of dollars made where are the people who built the empire? Gone. Every group has characters. so calling them names seems silly. The slackers can always be seen standing around aimlessly in any business. The real workers are inside!
His charity work has also been excellent, maybe it started off a court order, but he sustained it long after. The problem is can he sustain it now. You have to think his multiple properties have also suffered some major loss in value plus the huge cash cow mortgage company days are over and doubtful to return for him (?).
Giving money to charity does not make you a saint though, you have to keep backing it up in this world. But have you ever seen a benefactor take such a beating in the press and the blogs in your life? There seem to be some reasons for it, same as there are defenses, so there is some truth in there. You have to do your own research and believe what you will.
Investing your time and money into an MLM that pays you pennies over time that build up into potential huge wealth...is it the best way to go? Will the company make it? Will they spend all the earnings they are making on the front end and have no cash left? Is there a "paypal" type of escrow account in case every single person wanted to cash out on the same day? This is the risk. I know some others on the fence with this and some in their network, but when you check out the competition, this one, while free, seems like a long slow spiral into virtually nothing.
Good luck to all in any case.
"A nation or civilization that continues to produce soft-minded men purchases its own spiritual death on the installment plan."
Martin Luther King, Jr.
Ok, the guy is a sleaze. So why exactly is there something evil about this Shopwurld thing? If there isn't any monetary investment except purchasing items you would have purchased anyway, what's the problem? MLM, pyrimad...all these terms being thrown around and I haven't seen details as to why you'll get burned by this.
David,
Sometimes the truth hurts. Or should I say sometimes the 'lies' printed in the media hurt. But let's dispatch with the technicalities and get down to brass tacks. Reread the post. Actually, take a belt of scotch and then reread the post. Then when you're done, tell me where I've erred -or rather 'libeled' you in any way, shape, or form.
True, my writing can get a bit biting at times. What can I say? I'm an impassioned scribe. And maybe, as I mentioned in my last comment, I've been unduly harsh toward your colorful history, as it was prolifically reported by several news agencies. So I'll skip past all your chest thumping and offer you this: Point out the areas that are brazenly incorrect, offer the truth as you see it, and I'll consider offering a correction with all my humble apologies. I doubt you'll find much, as nearly all of my account comes straight from fact --or at least those that we've read in the morning paper for the past decade.
Furthermore, I can't unequivocally verify the validity of claims made by others on either side of the argument. Albeit, some sound a bit dubious. So if you care to wage a battle against the first amendment, feel free to bring up these comments in your next missive. I'll review them with a bit more scrutiny and, if warranted, remove the suspect entries. Mind you, this isn't a carte blanche to edit this blog, but an offer to set the record straight, as others have done in the past. This has been a standing offer on this blog, which is an ongoing exercise in First Amendment rights. Shall I recite this constitutional passage for you?
I admire your forthright attitude and respect the fact that you've accumulated an impressive sum of belongings in your short life. Perhaps you view this as an accomplishment. I frankly don't. In as much, I really don't need to justify myself or my opinions to you. That isn't to say you can't convince me otherwise. Feel free to post in the public domain, or to iSaratoga's emailbox if you'd rather keep such musings private.
Dave---plan and simple...you are a crook. Don't tell me you were successful---the people around you made you successful. You haven't sold a loan, or pitched a deal, sold 5 yr prepays on 2 year arms. no sir---you made millions off the backs on your workers. dont go there with saying its not try. how many people falsfied documents? dont open a can of worms dave---anyone who worked for you was there. 2 million to keep it afloat? yeah right. In Jan 08 your company did 750k in fee. Thats one month. I know people who worked commission only from you. And you you broke your own business model. to many managers to too little workers. you had how many managers (IE friends) that you paid very slaries, while your workers were taking it in the rear. the manager of recruiting made what, 75k and did he hire many in the last year? WASTEFULL and GREEDY. Dave, I'll be the first to say your a loser. And for your info, if my daddy was the vice president of a major bank, I too would have had success. if you were born of a normal family, you would have had the same opportunty you've had, so dont even try to say your so great. Probation---how funny. You faced 10 yrs, robbed millions and ripped off how many people? still never saw my NFC money. anytime you want to talk about it, let me know when and where BIG guy.
Mr.Blue said... .
we called him embazzlement? no the judge and charges against him did. we can still see whos left on his payroll. anyone else would have faced jail time.
As a result of FGM having consecutive years with the lowest mortgage defaults on mortgages in the industry --------
who wrote that? thats funny. i dont know how many old customers i called that hated FGM for screwing them. check off ripoff.com and see if fgm is listed. anyone with a good heart and soul felt bad for the homeowners we took advantage of. And Dave---ever hear of karma? Trust me, someday you will say to yourself---damn i screwed so many people. I dont know how you sleep at night.
I had to deal with David once on a matter unrelated to any of his business ventures. I founf him to be about the most arrogant human being I have ever meet.I was unimpressed and thought to myself of all the rumors I have hear about him. I am not one to put any stock in rumors but after reading this blog and my one time dealing with him it certainly make me wonder.
This comment has been removed by a blog administrator.
.
David S:
(if you are still checking in to this blog)
A few points to make towards you for a reaction.
1. The 'Wurld Media' connection (or non-connection)....
Would you not agree that it is highly suspicious that your new venture called Shop Wurld has these in common with Wurld Media:
a) Both were/are based in Saratoga Springs
b) Both use a bizarre and alternative spelling of the word 'world' (wurld)
c) Both are/were invloved in the 'online affiliate commerce' business; relying on the garnering of affiliate commission dollars as offered by large online merchants
d) Both companies share at least one major early-stage principal / investor
e) Both firms were/are managed by convicted felons
Do you still deny a "Wurld Media connection' of any sort or degree?
2. Technology vs Business Model..
Even if the use of any Wurld Media 'technology' is denied on your part; might those five points made above in #1 at least lead one to believe that there was some degree of "business model" sharing or other intellectual property having been shared between certain individuals involved in the two firms?
3. Wurld Media employees?
- How many former employees of Wurld Media are now employed by Shop Wurld or any subsidiary?
4. How would you react to this argument:
In reality, Shop Wurld's business model is HARMING nonprofits financially.
How? A nonprofit could setup their own affilaite revenue program (thru Commission Junction) and receive the full financial benefit of a click-thru sale with a retailer.
Your system, on the other hand, results in that commission being shared by at least three parties: Shop Wurld, the Shop Wurld member and the nonpofit.
5. NYS compliance
Is there not the possibility that you could be violatitng NYS Nonprofit Law with this business model?
How? NYS Nonprofit Law prohibits an individual or company from being rewarded for its charity fundraising efforts if that reward is based on a 'percentage' of the amount gained.
Is there a possibility that this statute could be applied to your revenue scheme?
I ask these questions in good faith and as a possible means of cutting thru some of the diatribes on here -- all in the name of getting to the truth.
(done here as a public service as opposed to my just kicking an email to you)
Your reaction to all this appreaciated.
(I made the first comment here)
I just have to respond to this one:
"And Mr. Bardwell's wife is president of a local professional organization, the American Society for Training and Development. But, she's not a trainer....go figure."
What in the world are you taking about? Just trying to jump on the bashing bandwagon?
Mr. Bardwell’s wife is not the president, but is on the board. She was appointed there and she VOLUNTEERS her time. Plus, she actually has an extensive background in training and is currently teaching. And, she volunteers to numerous other non-profit organizations.
But, somehow you try to make it seem like something illegal is afoot. The only thing illegal here are the lies being spread by anonymous cowards. Take a look in the mirror before you cast your stones!!!
Being anonymous on a blog does not make you a coward, this is how blogs work. Keep fueling the fire.
i find it funny that he takes care of the girls he bangs (buys them houses, cars, six figure salaries) but the people who made him millions (and have been ripped off since the nfc days) he gave our final min wage checks and no thanks or no severance check. I was at your last meeting in which you said you were pulling the plugs, and i cant believe you didn't even thank people. tell you what, if someone made me millions, i would not only be your best friend and love you for it, i would throw you a severance check. greedy f@#k!!!!
Nice job from the Silitogian! The only thing they left out was the movie they made, what's up with that?????
http://www.saratogian.com/articles/2009/02/01/news/doc498521599f00c796374253.txt
Re: the "Dereck 4 Real" comment. Hilarious. And I would venture a guess it's the truth. But...given certain legal concerns, I've got to hold back the comment.
Dear Ho
Heads up...
I was just at the airport. There is a whole plane load of lawyers and investigators hitting town as I write, set on driving up to Saratoga to find you.
The questioned me, right there in the coffee shop. They grabbed me by the nuts and said "what do you know about this guy who is libeling my client The Great Benefactor?"
I didn't say a word, my friend. But man, my nuts are paying the price. The girl behind the counter got a little freaked when I asked for ice and proceeded to run them all over my crotch.
So, be cool. I overheard them saying something abvout spreading out all over the city's taverns tonight, looking for some lonely bastard sitting at the bar nursing Wild Turkey.
We're with you on this. Be strong.
PS: maybe you ought to make-up with Bronner and take him out drinking with you tonight? He'd make a good wing man in situations like this.
ShopWurld toll free number now available...Please visit our social network at www.network.shopwurld.com- Member ID#(SWID)is C238AK for sign up or call 877-449-8753 ext 4402(Chris Lang) ...from albany.oodle.com/job/work_from_home
First let me commend you, Horatio, on taking on this awful, bloodsucking SOB. Remember when I had offered to help look into FGM and DBS for you and write about it? Well, I did not get around to doing so for many reasons including the fact that I am out making an honest living working hard.
However, back in the care free days of 2006 before the economic meltdown that is jeopardizing our entire country's economic system and our way of life, I had a few choice interactions with FGM employees. It got me curious about FGM and I started asking around and talking to employees and former employees of the now defunct predatory lender. Seeing injustice, I decided as a citizen and someone who is committed to social justice to write an email to the DA on 8/11/06 that follows:
Dear Mr. District Attorney,
I am writing to you as a concerned citizen of Saratoga Springs. I have watched over the past few years as a nefarious element has come to operate and thrive in our town. I am talking about the 1st Guarantee Mortgage Company, a predatory mortgage lender, that aggressively targets low-income people out of state with bad credit. This is what is referred to as the "subprime market" and is a poorly regulated segment of the mortgage industry that is rife with abuse.
This web site offers a good description of the types of practices that predatory lenders use http://www.responsiblelending.org/abuses/abusive.cfm.
These are the types of practices that FGM employs. I am very troubled by the proliferation of this type of predatory business as it destroys the equity and credit of people who are already in financial straights. Indeed, it is repugnant to think that people are making money victimizing the naive and desperate, the poor and marginalized.
Because of how their business is set up, I believe that they only provide loans to people out of state, who they aggressively telemarket to, thus skirting New York's regulations. However, I feel that it is morally imperative that this company be investigated, and, if possible, shut down. Saratoga Springs is a well respected community, and I think that it is a shame that this type of company has come to thrive in a town like ours. It is not lost on me that FGM employs a good number of people and has become a significant part of the local economy. However, if they are eventually exposed for the type of immoral, illegal, and fraudulent practices that they employ, how do you think that will reflect on our town and our county? I am not sure what you can do to remedy this situation, but I thought I would bring it to your attention as a concerned citizen. I am committed to drawing enough attention of regulatory bodies to have FGM investigated, and I hope that you will agree.
The response I got from the DA's office essentially said nothing other than they have investigated FGM previously and could not comment. This was discouraging, and after sending similar notes to local politicians I received similarly disappointing responses. At this point I gave up my crusade-obviously I didn't have the influence or time to make an impact.
Then came the fall. The subprime mortgage market meltdown started a series of events that has lead us to the brink of potentially irreparable economic catastrophe.
I can't help but think about all the poor people who have lost everything because of FGM and similar companies. The first people to feel economic catastrophe on a personal level.
You are right, Dave, to say that you were not the only one in on this - indeed many companies like yours thrived and enriched themselves on the backs of hard working everyday people.
Single mothers working 2-3 jobs to provide for their children thrown out on the street due to foreclosure. Elderly folks on fixed incomes who lost the only equity they had that was in their homes. Countless lives, dreams and futures destroyed for what? So that you can have a 20,000 square foot house and have fancy toys? Clearly you are without shame or remorse. Is it really worth it Dave? Do you EVER think about the people you have harmed?
The new MLM scheme is just another shady business you are trying to use to enrich yourself at the expense of others. I have no problem with someone who is successful. I do have the utmost contempt for someone like you who harms others in the process.
I exhort any former employees who have information about the crimes committed here to come forward and bring to light and to law enforcement any evidence of the criminal activity that was perpetrated. Please do not be intimidated by Dave or his money (lawyers) or cadre of thugs.
Sincerely,
Dr Gonzo
Ho,
I commend again for your commitment to speak truth the power, comfort the afflicted and afflict the comfortable.
I would like to suggest that anyone who has information or evidence concerning Mr Silipigno take it to law enforcement or if you would like I will volunteer to aggregate any information so that you may stay anonymous. Please email me at fgmtruth09@yahoo.com. With your help we can put this SOB in jail.
Thanks
Attention Shoppers! A curious example of how shopWurld seems to be missing some information. They very much encourage you to sign up what they call "direct customers" and you need at least one to be a gold member of their club.
The direct customer makes 100% of the store payous they list. Plus they put an additonal 10% towards you satisfying a minimum purchase level for each month. So if you had enough direct shoppers under you, you would not need to shop yourself as they would fill you requirement.
My girlfriend joined a few weeks ago and this came up. Doesn't Shopwurld then lose money on these transactions? This adds up to 110% of each store payout for every direct shopping person.
Is it possible then that they are not posting the actual store payout they are receiving? Is that legal? It does not seem to make sense for a new company (if they truly have nothing to do with Wurld Media) to push a scenario where they lose money????? She saw someone ask this somewhere (on their site?) but she can't find it now.
They have also posted conflicting information about who they use as their affiliate network. Is this because they do not want to have people put 2 and 2 together or maybe 2 and 1.5 together? What are we missing?
Is anyone watching the CNBC special House of Cards? Silipigno is a small time version of Sadek!!! Both have used their ill-gotten gains to make piece of shit movies!!! LOL!!!
One interesting fact here: Silipigno states that "thousands" of members have signed up in 48 states and 5 countries.
http://network.shopwurld.com/profiles/members/
According to their own site, they have 688 members.
Good for you Dave S. I don't know any of your business practices, but it seems to me that you are the only one willing to put yourself out there. All these anonymous people (myself included) don't have the balls to say who they are. Name calling and hiding behind the internet. HA! They probably don't want their name out there because they have a questionable past or something they don't want people to know. Maybe they should take the time they spend hating and use that to do something good for the world. Get over yourself.
Gee "?", can you see the obvious irony in your anonymous post? Doubtful, since your only claim for Dave S.' virtue, is that he isn't anonymous! Using your logic, he might be a murdering rapist, but he is better than anonymous posters, because he signs his name! While I'm over here getting over myself, maybe you should lay off the ignorance pills. Pax, PhilthyRex
Fuck you ?. You are probably Dave anyway. Where is he gonna hide? In his big fucking house? He's the subject of the fucking story. I will say any of this to his motherfucking face too. Plus, I know where he lives and anyone else who wants to find out can, its been printed. Maybe if things get really bad in the economy and a lot of people are suffering he should watch his fucking back.
36 Stony Brook Drive.
Looks like people are asking a lot of questions and the anger level on both sides is increasing. Why?
Is Shopwurld a scam? Is Shopwurld an illegal pyramid scheme? Is Shopwurld being investigated by the Attorney General for any reason? Why doesn’t Shopwurld have a security link on its website like Entrust or Hacker Safe? Why isn’t Shopwurld a member of the Better business Bureau (BBB Online)? Why doesn’t Shopwurld have an About Us section that shows David B. Silipigno and Paul T. Bardwell name since everyone knows they are the Shopwurld founders? Was founder David B. Silipigno previously indicted and convicted of wire fraud and could this somehow affect Shopwurld Network members? Why doesn’t Shopwurld have a link back to the David B. Silipigno foundation charity since that website has links to Shopwurld? Why do the Shopwurld affiliate program payouts appear to be consistently 60-70% lower than those found on LinkShare, Commission Soup, Commission Junction etc. for similar programs? Where is the mysterious Shopwurld toolbar and does it even exist? Why does Shopwurld only have 700 members on the forum when it claims to have thousands? Has anyone made any money on Shopwurld yet and has anyone been paid yet? Why is their minimal blog activity from the local based Saratoga groups on the Shopwurld website-is this because these people have already given up? Why is every LinkedIn Shopwurld related post either negative or deleted and why do these links come up so high when you Google Shopwurld? Why is there no toll free customer service number on the Shopwurld website? Is David Silipigno really the brains behind this or is this more probably the Paul Bardwell show? Does David Silipigno know anything at all about business or is he just good at buying cars, dying his hair and getting manicures?
To Whom It May Concern:
After reviewing your blog post titled "You Can’t Keep a Good Scam Down", and the responses to it, we have found multiple instances of libel and defamation against ShopWurld and/or its founders.
Defamation is defined as “the communication of a statement that makes a false claim, expressly stated or implied to be factual, that may give an individual, business, or product a negative image. Most jurisdictions allow legal actions, civil and/or criminal, to deter various kinds of defamation and retaliate against groundless criticism.”
You are hereby notified that if this blog post and subsequent comments are not removed within 48 hours, a police report will be filed and legal action commenced against the author of the blog post, the owner of the domain it resides on, and others publishing defamatory responses to it.
Thank you for your immediate attention to this matter.
Legal Department
ShopWurld, LLC.
I'll call your bluff. First of all, you or your 'legal department' isn't allowed to censor my rights under the First Amendment. The blog posting was tirelessly scanned to ensure it is well-grounded in fact. Nearly all of the statements made therein were taken from public documents broadly circulated online and in print.
If indeed there are libelous statements made in either the post or the comment section, you (or your 'legal department') are free to point them out and they will be further vetted and/or dealt with accordingly. You haven't done this in your anonymous missive and have decided against leaving your contact information, meaning your threats are far from credible. Furthermore, it is my experience that even the hardest working of 'legal departments' doesn't operate at 3 a.m. on Monday mornings.
For future reference, my contact information is located to the right of the blog's main body. I can be reached confidentially there. As I've mentioned before, you are free to point out said 'libel and defamation' so that it can be removed. I will not, however, remove the post in its entirety.
As I'm sure you're well aware, a poster claiming to be Silipigno has left a comment on this entry. I challenged him to highlight an erroneous statements and he or she has failed to respond. I'll extend the same offer to you. And since we're putting deadlines on things, if you fail to respond accordingly in 24 hours, I will assume your post is a a hoax, likely perpetrated by the very subject of the blog in question. In other words, your idle threats mean nothing to me.
p.s. Nice lift from answers.com! Isn't that plagiarism? I'll have to consult iSaratoga's 'legal department.'
Memo:
TO: iSaratoga
FR: Your Legal Department
Be advised that you cannot be notified of real or threatned legal actions by someone identifying themselves as an organization's 'Legal Department'. It is only legit if it is signed by a NYS Bar-certified attorney.
Furthermore, such notice is certainly not valid when it is posted onto a blog's "comments" section.
Our final recommendation: offer this hoaxer a job. He's a real riot and would certainly upgrade the quality of your blog.
At the very least, ask him where he scored that weed. Report that finding back to us, up here on the top floor.
Dear Mr. “Alger”:
No bluff required. My name is James F. Salmon and am an Attorney at Law in New York and Massachusetts and a Counsel to ShopWurld. My e-mail address is james.salmon@bos.us.com. There are also other attorneys who do work for ShopWurld, but none except for me that I that I know of who are up working at 3AM. to have sent you a request to remove the blog at the request of the client as containing an incredible and we believe to be actionable amount of defamatory material.
As inferred by the original communication this will not be tolerated by the company nor the individual involved.
Based on your responses to the subject of your posting (yes that was the real him), and to mine, we will point out those statements considered defamatory in both the posting and the resulting comments to have you vett them as you agreed. Based on the severity of the situation, the posting and comment string should come down while this process is undertaken
You and your readers should know First Amendment rights do not include libel, slander, unfair comment based on old news articles which may themselves not be accurate. From the comments section, some of your readers know the same, but many do not. Apart from violations of Civil Rights and other constitutional provisions, the readers with an axe to grind need to be aware of the cost of participating in the modern equivalent of a lynch mob based on non factual defamatory material.
Given the numerous instances found in the review thus far, there will be much for you to review I will forward these to you in sections as soon as completed. There are many wrongs which have been done and they need to be corrected and dealt with. Your cooperation is anticipated.
I will ask you one last time. Point out these libelous and slanderous instances, offer your proof and I will consider them. Before then, the post will remain. The entry is more than a month old. You and your client(if I may call him that) have had plenty of time to make a list. Send it to me and we'll move from there.
Dear James F. Salmon, eat a steaming pile of shit you scumbag! Sincerely, PhilthyRex P.S. Sue me! Sue everybody! Jerky boy!
The fun never stops on this!
The TU reports on how GOP Congressional candidate Jim 'Disco' Tedisco was a recipient of a nice chunk of campaign cash from Davis S--and in return wrote a glowing letter on the sub-prime lender's behalf as part of the sentencing process.
Read all about it:
http://blogs.timesunion.com/capitol/archives/11882/tediscos-david-silipigno-connection
7:29,
Yep. Read it in the Gazette this morning too. I'm sure glad I'm not the only one who remembers this fellow is a convicted felon or his actions dubious.
David B. Silipigno quote of the year (see above): "Nobody was ever promised a job for the rest of their life!"
NOW he wants the Shopwurld Network Members to not look at ShopWurld as a get rich quick scheme, but to be in it for the long haul, 2-5 years (according to a recent conference call). If he would say something so negative in reference to the ex-employees who helped build an almost billion dollar a year ESTABLISHED mortgage company, why would it now hold true that this unknown MLM pyramid oriented money making scheme will ever succeed? In his own words, it will only lucrative if you wait for years and years and build out a network, starting with just pennies a month. Bet this would involve quite a bit of luck.
To be fair, why would ANYONE but their trust in ANYTHING he does. He should be defending why this is a great idea instead of trying to bully every detractor, but isn't "anger" the second stage of grief? They are already in "denial" (first stage) and "bargaining" with their members by extending the requirements (third stage).
This is the value of these blogs. Where is the overly enthusiastic external ShopWurld blog? There is none. Meanwhile there seem to be less new forum members each day and suddenly a rash of ads and blog posts that are promote other MLM's and other businesses other than Shopwurld ON THEIR OWN SITE!
Someone please put a fork in this.
Lawyering up like a sniveling weasel instead of answering direct and honest questions, that's how good and honest men act? Come now, defenders of D.S., where is your honorable hero now? Pax, PhilthyRex
thats too bad---i was gonna vote for tedisco until i heard he was buddies with DBS. Dave, your such a arrogant self centered scumbag. if you didn't throw money at people, would you have any friends? probably not, cause alot of them moved on, now that fgm closed.
bad economy + bad market + bad decisions + big bills = one lonely miserable man in that big house all by himself. only a couple friends left to pay to hang out at this point for you........
In the end, which from some indications looks to be forthcoming soon (hardly any members after 3 months, low forum activity, already extending and changing the membership requirements, etc.). They are movie people, right, let's try some film analogies.
How about the ending of It's a Wonderful Life. "No man is a failure who has friends." Mayeb not, you need friends for that to work. Go to the nearest mountaintop and think hard about the individuals parts. Could they work for a real company? Could they survive without their hands in your wallet every day? Didn't they help lead you into this blind alley with their...money smarts, web expertise and general superior know-how?
Rocky I? Appropriate title and at the end there is not supposed to be a rematch, but there always is when you don't know when to walk away. Will you still be swinging at 40, at 50, at 60? Not with those hands...on deck.
Probably more suiting is Citizen Kane, the only difference is that at the end of this train wreck all you'll wind up with is a bottle of Rosebud Light to pass around the campfire.
Well, good luck to you, because you have to be a better man than this, no one really deserves this online slaughter. But one of your guys probably told you that a long time ago that this would happen. Right?
So where's the fabled Shopwurld Tool Bar these days, or is it still Bailey's?
I think this asshole deserved the excoriation. I will laugh my ass off when he burns though his money and is forced to sell his house. Hopefully soon.
i hear he's openning up shop again---under Paul bardwells name. Funny. Dave---how many FAILED business ventures must you have, before you give up? dude, your the million dollar flop man. how many times do you invest millions to fail?
Lets see--
nfc--closed--failed
fgm---closed---failed
princple commercial--closed---failed
shop world--failed
Wonder how dave avoided jail when his partner didn't. Hmmmmm.
FGM and Principle Commercial- Didn't fail...... Cream always rises to the top.... Go and try to open up a single Multi Million Dollar Business....Thats right ! You could not do what David Silipigno can do... He is a very smart business man-You are haters...
dbs is shady, for sure, but his sniveling weasel right hand man, bardwell is/was his go to guy who ran almost everything. Chris Lang, who has been mentioned in the media, was just a rubber stamp man with a clean record and no child support to pay... he made money just cuz he was squeaky clean. others... fake their wives big fat paychecks when they never worked an hour, just to get out of paying more to their exes & kids.... that's scuzzy.... most of the company knew that.
Hi All-
Very entertaining. Have your opinions as you may, I can say first hand it is hard work to run a business and be an entrepreneur. To say that Dave is a failure is just BS. Anytime a person has success other people will try to knock you down. It sounds to me like some people in this post are carrying some baggage from years gone by. Move on and go make your own millions...
all the supports of DBS on this forget one thing, the FBI doesnt investigate ethical, legit businesses or business men/women. everyone know how that company was handled down to the Ahearn noon time stops into DBS's office emerging 20-30 minutes later to go straight to the bathroom. Classy!! His specialty wasnt mortgages, it was convincing young kids how to get consumed into the drug/social life that FGM provided while he skrews you on your paycheck. If you worked for him and still think he is a super guy, ask him why you didnt get paid on the YSP difference between your pricing and why your client signed on the HUD. I figured it out a while ago and that figure is about $70-80,000
I worked at FGM as a loan officer when the ATF raided and found drug dealers. I know for a fact that David bought cocaine from his employees. I witnessed him snorting huge lines of cocaine at his Christmas party. The guy definitely knew about fraud going on concerning loans. He is a sociopath. No remorse or empathy for anyone. I have witnessed young women employees coming out of his closed office literally in tears, and disheveled. I have heard stories of how he would prey on attractive young women that were employed there. I know for a fact that David Silipigno is a ruthless sociopath who would put his own mother in a shoddy loan if it could make him a buck. I hope he gets what is coming to him. Hundreds and hundreds of people have been swindled by him and his.
What I find HILARIOUS, is the majority these "haters" are ex employees and didn't leave Dave's company on their own recourse, YOU WERE FIRED. "Oh, I witnessed it first hand", BS, you didn't witness shi*. You heard some stupid rumor and now you call it the truth. And what, now all the sudden you have some superior morals? Now every loan you just did your self you call wrong and shady? WHAT-EVER, in case you haven't noticed the mortgage industry didn't crash because of one company who gave stated loans to people who couldn't prove their income or arms to people who's income was to low to qualify for anything else. Get over your selves already, why not try getting a job and getting off unemployment?
I have known Dave for 12 years. I have never worked for him or had any business dealings with him. What I do know about him is his devotion to family, friends, and community. I can attest to the fact that when he was the president of NFC, he was offered a large sum of money to sell the company. He declined the offer because he did not want to give up on a company that he had worked tirelessly to build and felt a great sense of obligation to his employees. Unfortunately, the downturn of the sub-prime market caused him to make some bad decisions for which he has taken responsibility. It is so easy to cast stones of disapproval. After reading many of the posts on this blog, it is my opinion that there is a huge amount of grey area. What I know of him as a man, is not indicative of the portrait painted here. Who in life has not made mistakes. I for one reserve my judgement and continue to believe in the kind, caring, generous person that I know him to be.
There is one little-known fact here about Mr. Bardwell that is very interesting. I hired Mr. Bardwell way back in 1998 when he started closing many loans and worked his way up the ladder.
Mr. Bardwell is the slippery slimy snake and he is the one who hides a very large skeleton in his closet-he stole THOUSANDS from people when he had a dating service in albany with some other woman if I recall correctly. He was investigated and got into trouble, and ended up on NFC's doorstep. We took him in, and years later he has become the mastermind behind the shopwurld and wurldmedia schemes. Dig deep into Mr. Bardwells shadowy past, Horatio, and you will discover such golden nuggets that you never thought possible.
The true consistent pattern here of the way Silipigno makes money (with mortgages, with affiliate schemes, etc) is that he keeps 70-80% of the profit, pays people a percentage of the sales, and then pounds his chest for providing a paycheck to others. Mr. Silipigno in theory is not a criminal-he builds great sales organizations and commands respect for his vision. People will leave your company if they do not want to work for you. But somehow, they all stay.
However, what is criminal is that greed. If he just gave HALF of the income generated from mortgage fees, didn't do title company kickbacks, and try to make the lion's share on your online purchases, there would be no great scandal.
With regard to the post about how he so galliantly declined the $30 million offer, the driving force behind that decline was GREED and EGO. He wanted MORE. MORE, MORE more. he had to build the largest private residence in Saratoga. He had to have a Bentley. He had to have many things that others didn't. Mr. Silipigno is, simply put, a Narcissist. Greed is the fatal flaw. Giving back to the commmunity is great, but it's really a three-card charlie. You can't take from others and give to another, saying "look at this hand" while the other swipes at your belongings...:) You can't take 20 million from people over 5 years and then give 3 million back and seem a hero. You're welcome to make your money, but keep the splits fair, and standard among the industy.
$.02
PS Chris Lang should be off the hook-he's a great guy and simply the only guy at the time they formed FGM that was clean enough and could be trusted by dbs not to ever step out from under his thumb. Bardwell's your crook-no one else in the group is smart enough to cook up these schemes. Take him down and the house comes a tumblin' down.
PS what is the latest update on everything??
I don't know a whole lot about Mr. Silipigno these days, but I sure would. In 2000, we began a lawsuit against his company (NFC). It took several years, but we won. Just a drop in the bucket to him, but an amount that means a great deal to me, an everyday laborer. It appears a "shell game" may have been played, companies acquired by other companies and then transferred or sold again and again. We have a judgement that allows us to attach those assets, but our attorney can't seem to do so. I will watch this blog, if anyone can help! Thanks!
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