Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.86. Daniel Sadek. Meet Predator Zero in the subprime-mortgage game: Armed with a third-grade education and the $250 he paid for a California lender’s license, Sadek quit his job as a Mercedes-Benz salesman (in Orange County!) and opened Quick Loan Funding, whose TV commercials promised,“No income verification! Instant qualification! You can’t wait, and we won’t let you!” According to a competitor, Sadek would have written a loan to “an insolvent arsonist.” By 2007, Quick Loan had approved $4 billion in subprime mortgages and was pulling in almost $200 million a month selling them to Citigroup, Wells Fargo, and Bear Stearns. His personal take-home was $5 million each month, which he splashed out on fast cars, million-dollar Vegas gambling jaunts, and a $26 million feature film—Redline—whose...
- 9/28/2009
- Vanity Fair
Nathan Phillips and Eddie Griffin are toplining Redline, an auto thriller being directed by stunt coordinator-turned-director Andy Cheng. Daniel Sadek is producing via his Chicago Pictures banner. The film also stars Nadia Bjorlin (Days of Our Lives) and will feature a cameo from Wyclef Jean, who is scoring the movie. Not only is Sadek, a real estate investor-turned-producer, financing the pic to the tune of $26 million, but he also is using his personal car collection for the car sequences. Sadek is putting his Phantom, Lamborghini Murcielago, Enzo Ferrari, Ferrari F430, Ferrari Scaglietti and two McLarens, among others, in the movie and will destroy one of his two $200,000 Porsche Carrera GTs in one sequence.
- 4/11/2006
- The Hollywood Reporter - Movie News
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