When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. Shocked employees didn’t receive their last paychecks. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills.
The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. The mystery as to what happened to its loan pipeline and funding endure.
Yet Strauss, who already has a $2.45 million mortgage fraud settlement with the Securities details ⇒
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