Skip to comments.NJ 'SUBPRIME' LENDER KILLS WIFE & SELF: COPS
Posted on 01/19/2008 6:55:59 AM PST by angcat
January 19, 2008 -- MARLTON, NJ - A high-ranking executive of a collapsed subprime-mortgage lender jumped to his death from the Delaware Memorial Bridge yesterday, shortly after his wife's body was found inside their Burlington County home, authorities said. The deaths of Walter Buczynski, 59, and his wife, Marci, 37 - the parents of two boys - were being investigated as a murder-suicide, according to the Burlington County Prosecutor's Office. Prosecutor Robert Bernardi said Evesham Township police went to the couple's home in the Marlton section of the township at around noon after a male caller asked them to check on Marci. About 20 minutes after her body was found, officers from the Delaware River and Bay Authority Police Department received reports that a man - later identified as Walter Buczynski - had parked his car on the bridge and jumped from the span. Walter Buczynski was vice president of Columbia, Md.-based Fieldstone Mortgage, a high-flying subprime-mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006. It has since filed for bankruptcy and now employs less than 20.
(Excerpt) Read more at nypost.com ...
Very very sad. Like he didn't know what he was doing in the sub-prime lending fraud game????
Walter P. Buczynski
Executive Vice President -Secondary Marketing
FIELDSTONE INVESTMENT (FICC)
This section contains the Total Compensation for Walter P. Buczynski at FIELDSTONE INVESTMENT, FICC The current role of Walter P. Buczynski is Executive Vice President -Secondary Marketing. Total compensation includes the salary for Walter P. Buczynski, Executive Vice President -Secondary Marketing. Bonus information for Walter P. Buczynski, Executive Vice President -Secondary Marketing. Restricted stock, long term incentives payouts, and other compensation for the Executive Vice President -Secondary Marketing. Also included is stock options information both number of shares and value for Walter P. Buczynski, Executive Vice President -Secondary Marketing for FIELDSTONE INVESTMENT FICC.
Base Pay $300,000
Restricted Stock $0
LTIP Payouts $0
Present Value of Option Grants $0
Other Annual Compensation $12,000
All Other Compensation $1,260
Total Compensation $583,260
Stock Option Exercises and Cumulative Balances
Shares Aquired on Exercise (#) 0
Value Realized for Options Exercised $0
Remaining Exercisable (vested) Options (#) 10,000
Remaining Unexercisable (non-vested) Options (#) 30,000
Value of Remaining Exercisable Options $22,500
Value of Remaining Unexercisable Options $67,500
Data for fiscal year ended in 2004
This report is not for commercial use. Thorough reviews have been conducted to assure this data accurately reflects disclosures. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Please see “Use of Data / Disclaimer.”
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Keywords: Walter P. Buczynski, FIELDSTONE
This proves a few things: first, that he apparently didn't make enough money to make it worthwhile, and second, that the man is dead, and you are so completely devoid of manners that you go doing a database search on him.
That's exactly the sort of person I really don't want in my universe.
If you don’t like it click away.
I am curious and waiting to see the number of court cases that arise from this conspired fiasco. Someone, somewhere has made a mint before all this...not just the home builders, realtors, illegal construction workers, etc.
You and I both know that the banking / mortgage office managers and CEO's and certain privy investors to the timing made huge chunks of bonuses / returns from 'the numbers on the books'. Quite of few flippers in the past hot markets did well to and were smart enough to get out of the game.
I got a sneaky feeling there'll be a few sacrificial lambs in the courts by the Feds for fraud, RICO, etc., but the true story of how the countries holding billions in our treasury bonds and their operatives pinched W and Congress to allow this as for when the prime was 1%, US treasuries were paying < 3%.
I suppose we will see more of this to come as peoples’ financial worlds crumble. Very sad.
Your comment was very rude. What is wrong with googling someone in the news?
If you don’t want to read the information, don’t. If you don’t want him in your universe then leave the thread.
Hmmm ... might the words, "honey, you aren't rich anymore and I'm leaving" have preceeded the whole thing?
Still very expensive to me thought!
The Delaware Memorial Bridge.
That is standard disclosure information required by the SEC for insiders. You find stuff like that in almost any annual report or proxy statement. I have little sympathy for someone who played with fire and saw to it that we all got burned.
Yeah, pretty much every day, as I think about the assets we've worked so hard to accumulate and worry about whether my husband will survive the next set of layoffs at his employer in June.
If your only motivation in lfe is money, you’re in trouble when the money is gone.
That might have been a factor, but he wasn’t rich to begin with. A couple of hundred thousand a year in the NY/NJ area isn’t a lot.
His title gives me a clue: Executive Vice President - Secondary Marketing. Perhaps he was packaging up junk and selling it as a higher grade.
Then it all slipped away.
Over the past few years, the federal government filed several tax liens against Buczynski, an executive vice president at Fieldstone Mortgage Co.
By 2006, he owed more than $656,000 in back taxes.
Fieldstone went bankrupt last November in light of the subprime lending collapse and laid off most of its employees.
Earlier this week, the company requested in court to pay $1.1 million in bonuses to the few remaining staffers and executives, including Buczynski.
But Buczynski didn't stick around for the payout.
Instead, he wrote a horrifying conclusion to a modern tale of corporate excess and failure.
Police said Buczynski, 59, murdered his wife, Marci, 37, in their Marlton, N.J., home yesterday and then jumped to his death off the Delaware Memorial Bridge.
Authorities have yet to determine exactly how Buczynski killed his wife, who was found by police in her bedroom.
Investigators were searching the Delaware River for Buczynski's body last night.
The couple left behind two sons, ages 14 and 8, authorities said. Neither was at home, on Atlanta Drive near Topeka Court, when their mother was killed.
Burlington County Prosecutor Robert D. Bernardi said in a statement last night that Evesham Township police received a phone call at noon yesterday from an unidentified man asking them to "check on the well-being" of Marci Buczynski.
Investigators believe the call was made by Walter Buczynski, who was seen about 20 minutes later getting out of a blue Acura SUV on the Delaware Memorial Bridge and then taking a fatal plunge.
The Delaware River and Bay Authority Police Department is in charge of trying to recover Buczynski's body.
Buczynski's neighbors were stunned and refused to comment at length.
"All I can say is that it's a tragic situation for our neighborhood," said one man, who declined to be identified.
Buczynski joined Fieldstone in 2000, five years after the company was started. He had plenty of industry experience.
He had previously served as a senior vice president at GE Capital Mortgage Services Inc., and as an executive vice president at Secondary for Margaretten & Co., now known as Chase Manhattan Mortgage Corp., according to Fieldstone's Web site.
Fieldstone specialized in providing residential "non-conforming" mortgage loans to people with poor credit histories.
By 2006, the company, based in Columbia, Md., was a total success, with more than $5.5 billion in assets and more than 1,000 employees.
Buczynski, according to Internet records, made more than $583,000 a year.
But rising interest rates and mortgage delinquencies caused the subprime mortgage-lending industry collapse last fall, and by November, Fieldstone executives agreed to file for bankruptcy.
The company laid off almost all of its employees, and claimed to have a staff of less than 20 people earlier this week, according to published reports.
Fieldstone filed papers in U.S. Bankruptcy Court in Maryland on Thursday requesting to pay $1.1 million in bonuses to its remaining staffers, including Buczynski, who stood to receive $99,999, according to reports.
Fieldstone president Michael Sonnefeld could not be reached for comment. *
Not to speak ill of the dead, but he being 59 and she being 37, the possibility of it being a gold digger/trophy wife situation is high.
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