Upon his release from prison, Michael Clott, convicted of securities fraud and racketeering, retained a law firm partnership, Ross & Hardies, to provide Clott’s company, Capital Financial Group, Inc., a legal framework to do financial, securities, and banking business in Maryland.

| May 23, 2014

Upon his release from prison, Michael Clott, convicted of securities fraud and racketeering, retained a law firm partnership, Ross & Hardies, to provide Clott’s company, Capital Financial Group, Inc., a legal framework to do financial, securities, and banking business in Maryland. Steven Kersner was the Ross & Hardies partner primarily assigned to Clott’s account. Clott created the 7.5% Program, a mortgage program designed to provide lines of credit to minority homeowners. The 7.5% Program was a fraud by which Clott stole money that was borrowed by the homeowners participating in the program. Kersner helped perpetuate the fraud by assuring homeowners that the program was legitimate, aiding Clott in transferring borrowed funds to bank accounts, opening empty accounts in the name of homeowners to deceive them that lines of credit had been opened for them, preparing false statements to make it appear that the homeowners were no longer liable on the mortgages, telling lenders with questions to contact Kersner instead of homeowners, and forging and altering checks. Did Kersner’s actions make his partnership liable to homeowners under the Racketeering Influenced Corrupt Organization Act?

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