Late Tuesday night a gang of armed men attacked a Newport Coast mansion owned by Quick Loan founder Daniel Sadek.
Three people suffered head injuries during the home invasion. Police arrested three men and are reportedly searching for others.
Jon Cassidy from the OC Register reports:
Sadek made and lost a fortune in the subprime mortgage business. Quick Loan Funding, which he founded in 2002, wrote about $4 billion in subprime mortgages before it collapsed in 2007.
He declared bankruptcy in Nevada two months ago.
With his earnings from Quick Loan, Sadek lived a high-roller lifestyle. He bought the Newport Coast mansion, a fleet of exotic cars and crashed some of them in a movie he financed called “Redline.” He bought a condo in Las Vegas where he became a high roller at the blackjack tables. Court records list cash advances taken out on his credit card at casinos from Hawaiian Gardens to Lebanon.
In court filings, he acknowledges gambling in the multi-million dollar range.
Police did not immediately know whether the men who paid Sadek a visit Tuesday night were collecting on a debt or were there to rob. They were taking cash and jewelry, Lt. Craig Fox of the Newport Beach Police Department said.
You may have heard on Sadek. Earlier this year, Vanity Fair ranked Sadek No. 86 on a list of institutions and people most to blame for the nation’s economic problems. He was labelled “Predator Zero in the subprime-mortgage game.”
Sadek, who dropped out of school in the third grade, started a home loan business in 2002. He had been working as a car salesman and noticed how many people buying high end cars were mortgage brokers. Over the next five years, Sadek’s company Quick Loan wrote nearly $4billion in mortgages.
More on Sadek from the OC Register:
Sadek used the earnings to live the high life, buying a fleet of Ferraris, Lamborghinis and Porsches, dating a soap opera starlet and producing movies. He cultivated a rebel image, wearing a beard and hair to his shoulders, dressing in T-shirts and flip-flops, eschewing the typical mortgage banker’s pinstripes.
His movie “Redline” starred his then-girlfriend, Nadia Bjorlin, comedian Eddie Griffin, and his fleet of Ferraris, Porsches and Saleen S7 exotic cars. It cost him $31 million to make, distribute and publicize, he once told the Register, but only earned $8.2 million in ticket sales worldwide, according to Box Office Mojo. Sadek was sued in federal court by the Cartoon Network for failing to pay $845,000 in advertising for the film.
He flew private jets to Las Vegas, where he gambled with high rollers at the Bellagio Resort.
There are a lot more details over at the Register, including a mysterious fire at Sadek’s home last week.
Here’s the trailer from his movie, Redline.
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