California Seeks to Revoke Quick Loan Sadek’s License

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Daniel Sadek, the high-rolling owner of Quick Loan Funding is facing the possible revocation of his license by the California Department of Corporations for inappropriately using trust fund money to back half-million dollar gambling markers in Vegas. Quick Loan Funding, known in the industry as a high-fee company, also faces accusations of overcharging customers and charging for services not provided (such as title insurance policies, among others).

From the OC Register’s article on Sadek’s downfall:

The Department of Corporations said Sadek took out gambling markers for $500,000 at the Wynn Las Vegas on April 25, for $20,000 at the Bellagio on April 27 and for $500,000 at the Wynn on May 17. A marker is a line of credit extended by casinos after a client provides personal and bank account information.

The department?s accusation said Sadek should be stripped of his California Finance Lending license because of acts ?involving dishonesty, fraud, or deceit, by pledging trust account funds to obtain gambling markers ? that resulted in the unauthorized disbursement of trust account funds.?

Sadek, who we’ve featured here before in our “Why I Hate My Industry” section, shows the high-class that has him so highly regarded in the industry when he told reporters seeking comment:

?Why don?t you get a (expletive) life and don?t call me again??

If there is a poster-child of the rampant greed that fueled the current mortgage market crisis Sadek is it. His excessive fees charged to borrowers fed a lifestyle of high-living including movie productions, million dollar gambling debts, a fleet of expensive cars and swank digs in wealthy Newport Coast. Anyone that wants to live like a rock star by taking advantage of other people is just a cancer that needs to be excised from the mortgage world. I for one am glad to see him go. Good riddance.