Lenny Dykstra - Victim

Discussion in 'Wall St. News' started by Wayne Gibbous, Mar 17, 2010.

  1. It's fun reading about this guy. His association with Cramer, his "expertise" with option systems, hustling this scheme and that hair-brained idea, stiffing his employees, lawyers, family... LD is a walking, talking tobacco-chewing disaster...and funny as hell!


    Broke ex-Met Lenny Dykstra claims he was duped into over-extending himself on the purchase of hockey legend Wayne Gretsky's California mansion.

    In a $100 million "predatory lending " suit filed this afternoon, the former center fielder says he had a deal to borrow $17.5 million from now-defunct Washington Mutual Bank to buy Gretzky's posh pad at the Sherwood Country Club in Thousand Oaks.

    But "without warning, just prior to the close of escrow" in August 2007, WaMu said it would only loan the former All-Star $12 million, his Manhattan federal court says.

    Dykstra -- who's suing JPMorgan Chase, which bought out WaMu after it collapsed in the subprime loan crisis -- claims his loan officer then "introduced" him to a "'hard money' lender, First Credit Bank."

    First Credit offered Dykstra a one-year, interest-only loan for $8.5 million to cover the difference and also also pay off Dykstra's loans on some commercial property in Simi Valley, Calif.

    Although the combined monthly costs, including property taxes, came to $135,000 -- $10,000 more than Dykstra's total income at the time -- WaMu "was willing to proceed with this untenable transaction," the suit says.

    Dykstra says he agreed to the deal because he believed WaMu would arrange to re-finance the First Credit loan within 60 days, based on assurances from the loan officer, who allegedly "created a special relationship with (Dykstra) that went beyind simply a lender-borrower relationship."

    But after the closing, the re-financing fell through and Dykstra was forced to sell off promissory notes he held on a chain of California car washes, leaving him with losses of approximately $100 million, the suit says.

    Read more: http://www.nypost.com/p/news/local/...a_claims_rOOzkMcxH4lBEqaSKpB41O#ixzz0iUkthwuR
  2. I almost forgot Cramer blessed this idiot.

    Too painful to remember such things
  3. stock777 please explain why it's painful to remember were you a follower or a victim? that would explain why your so bitter and lashing out at any and all guru types including myself. kill them all and let god sort them out is your creed?

    you really need to learn to take responsibility for your own actions and quit blaming everyone else. you have a brain i take it so use it, your mom and dad's education they paid so dearly for did not come with built in superior status rights. it just means you set long enough to absorb and regurgitate upon test time the knowledge some prof has and that's it.
  4. Most "guru types" are self-interested scumbags. You shouldn't be proud to put yourself in this category...
  5. i am the best in my category by far and to suggest i am guilty of scamming when i have more than a 10 year record with the cftc and the nfa and 30 years in the business by a fucker like sucks777 pisses me off highly.

    but i have seen anonymous posters come and go for years and most ALL of them that bash me are scammers i have busted or failed guru's themselves and that is why their so bitter and vengeful to anyone who is truly successful.
  6. What category would that be?

    To be fair, so did Madoff...
  7. The Cubs will have pity on him and give him a 1-year contract. :(

  8. trading system building = it is easy to optimize a curve fit to some fixed data it's another thing to really come up with something that has some staying power.

    to be fair i didn't get your money.. or sucks777
  9. Nails - is that you??!
  10. Nice website Mark.

    I totally understand the numbnuts that piss us off but there is always someone out there better than each one of us thinks we are.
    #10     Mar 18, 2010