Making a Living Suing Banks, One Bank at a Time
Chicago, New York, Los Angeles, Miami, December 4, 2014 (Newswire.com) - MAKING A LIVING SUING BANKS, ONE BANK AT A TIME
A day in the life of Mr. Val Sklarov, most recently the president of BoutiqueBankLaw.com. Kinetoscope Media journalist Lear Etatse decided to catch up with a real estate expert and a serial entrepreneur and self designated scholar of Napoleon Hill teachings and obtain his perspective on his latest project.
Contingency fee attorney referral service
Val Sklarov
Those that have never heard of Mr.Val Sklarov would undoubtedly enjoy spending few hours with him as I have and found him to be fascinating. Mr.Val Sklarov is quite an individual to say the least. He claims to have made his first million at age 25 after he started a medical supply company at age 23 from the basement of his parents home. Mr.Val Sklarov exclaims “yes I was a self made millionaire in 1988 when I was only 25 years old and by age 30 I made $8 million in 1993, paid over $2.5 million in taxes that year and had 180 people working for me”. Mr. Val Sklarov claims to have started numerous companies along the way and achieved life time earnings of approximately $100 million.
But these days Mr.Sklarov is pursuing another project, one that entails suing banks that have wrongfully foreclosed borrowers or the banks issued mortgages tied to the LIBOR index or “just plainly the banks committed fraud” Mr.Val Sklarov explains. Business is brisk for his firm called Boutique Bank Law.com and he recently moved to larger office space doubling in size to 4,500 sf. Mr.Sklarov goes on to explain that “I'm amazed at how blatant some banks are in a fraudulent manner in which they conduct their business. It's as though some of the banks think that they are invincible and can do as they want to”.
Mr. Sklarov’s firm focuses on locating borrowers and offering services of contingency fee representation by an attorney in his firms network. These attorneys have agreed to represent his firms clients on contingency, meaning the attorneys will not bill at an hourly rate but rather take a chance at litigating against a bank for a typical one third of potential recovery.
Mr.Sklarov goes on further to explain that it's very difficult for a typical client to find an attorney on contingency fee and that attorneys are restricted in how they advertise and seek out clients. Mr.Sklarov sees this as an opportunity to pick up one client at a time, introduce the client to the attorney and if the attorney decides that there's a case against the bank, then the client and the attorney work out the details and then the attorney will file suit against the bank.
“I'm shocked at the blatant fraud that I have seen committed by various financial institutions” exclaims Mr.Sklarov. “I have seen gross negligence, forgeries, fabrication of documents, disappearance of documents and a slew of other wrongdoing committed by bank employees including impeachment for lying. It's staggering and shocking and I'm bewildered at what banks have gotten away with”.
Mr.Sklarov goes on to further explain that the litigation usually lasts a few years and the banks more often then not settle once the discovery and depositions start. When the banks know that they are in the wrong, they will not go to trial for the jury’s will award some enormous punitive damages and the banks are afraid of that. Mr.Sklarov states that he has seen cases where the jury’s have awarded the plaintiff more then ten times in punitive damages and when millions of dollars are involved, the sums add up in to 8 figures.
“There's a great need for my service and we take a percentage of recovery from the plaintiff for our services. We do not focus on upfront fees and our upfront fees are typically $1,500 to $2,500 and that is paltry compared to $10,000 and $25,000 retainers that hourly attorneys charge. Even though we have to wait years for the cases to settle and for us to be paid, the largest case to date that I have personally been involved in is over $30 million and the bank settled in less then one year”.
Mr.Sklarov goes on to explain that BoutiqueBankLaw.com besides providing lawyers on contingency to firms clients, will also consult to attorneys, offer mortgage restructuring services and act as an expert witness in the law suit against the bank and its “one bank at a time” states Mr.Sklarov.
Mr.Sklarov claims that he has numerous people from across the country calling him routinely wanting to sell his services and he now has several such salespeople working from their homes. “I have one salesperson who lives on a remote farm and she's quite upset at the egregious behavior of banks and as she looks out the window of her farm at her livestock, she talks to prospects about contingency fee services of an attorney”
Mr.Sklarov will not disclose his revenue but states that it is growing “X fold yearly” and I'm quite pleased.
These days Mr. Val Sklarov is president of BoutiqueBankLaw.com, an attorney referral agency that seeks out clients that have or had LIBOR-based mortgages or were wrongfully defaulted by a bank and are in need of a contingency fee attorney. The agency has a large network of lawyers on contingency. He can be reached at Val@BoutiqueBankLaw.com