Americas Watchdog and its Wall Street Fraud Watchdog have been investigating the employment practices of the largest homebuilders in the US for five years, with the conclusion that millions of undocumented workers did most of the building. The problem: while most of the undocumented workers were classified as "sub-contractors", they were in fact full time employees, and they did not receive overtime, or other benefits afforded to US full time employees. According to the Wall Street Fraud Watchdog & the Homeowners Consumer Center, "if big US homebuilders think they are about to get a windfall from the US taxpayers, think again, its show & tell time. Start thinking about prison, if you are a large US residential homebuilder CEO, COO or CFO." Large US homebuilder superintendents or executives with substantial proof may be eligible for a significant reward. Large US homebuilder superintendents or executives can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their web site at http://WallStreetFraudWatchdog.com.
(PRWEB) December 1, 2008 -- Americas Watchdog's Wall Street Fraud Watchdog is blasting any proposed US taxpayer bail out for the major companies in the US homebuilding industry, before there is a little chat about who actually built the homes. According to the group, "In the Southwest, Southeast, the Mid-West, Texas, and much of the Northeast, the workers who built our nations new single family homes, town homes or mid rise condominiums were undocumented. Instead of classifying the workers as full time employees, the major US homebuilders called the undocumented workers sub-contractors, the workers did not get over time, or other benefits, and the consumer frequently got a defective home. We are not bailing major homebuilders out until we talk about corporate criminal acts, that amount to the worst cases of criminal labor law violations in US history."
Current or former major US homebuilder superintendents, project managers or executives with substantial proof of this outrageous behavior can call the Wall Street Fraud Watchdog anytime at 866-714-6466, or visit their web site at http://WallStreetFraudWatchdog.com
To be eligible for a possible substantial reward, major US homebuilder current or former employees with the following documents can contact the Wall Street Fraud Watchdog:
- Sub-contractor or coyote labor broker agreements between the homebuilder & their subcontractors. "We know current or former major homebuilder job site superintendents like paper work. We know you have these documents. These documents could be worth a reward."
- E-mails discussing undocumented workers from corporate management with superintendents or homebuilder employees.
- Payroll information from major US homebuilder accounting staff that will demonstrate the undocumented workers were being classified as "1099 subcontractors", when they were in fact full time employees.
- "We want documents-e-mails from the major US homebuilders to the actual subcontractors, talking about the labor brokers, labor coyotes & the undocumented labor crews. We really do know how everything works, & it really is go to jail time for major US homebuilder CEO's, COO's & CFO's."
The Wall Street Fraud Watchdog is also accusing major US homebuilders, US investment bankers, banks & rating agencies of the following:
- Knowingly classifying mortgage backed securities of major US homebuilders with a AAA rating, when in fact the mortgage backed security should have received the lowest possible rating.
- US investment bankers or banks looking the other way on massive appraisal fraud on the part of US homebuilders. This appraisal fraud was the spark that lit the US real estate boom, and coupled with the mortgage backed security fraud, is one of the primary culprits in the demise of the US economy. "And the taxpayer is getting stuck with the largest cases of financial fraud in world history & no one is going to jail?"
- Major US homebuilders & mortgage banker CEO's intentionally dumped their stock in 2005, 2006, or 2007 when they knew the US housing bubble was about to burst. During this same period of time US homebuilders, investment bankers & banks were telling their shareholders that "everything is fine." "The major US homebuilder CEO's also forgot to mention the part about the millions of people, who built most of the new US homes were in fact, undocumented workers. Over time-whats over time?"
US homeowners who live in larger major homebuilder subdivisions, town home projects, or condominiums with major construction defects can contact Americas Watchdog's Homeowners Consumer Center's web site at http://HomeownersConsumerCenter.com and file a complaint.
Americas Watchdog and its various divisions are all about consumer & shareholder protection and corporate responsibility.
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[Via Legal / Law]
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