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first national Bank of Santa Fe

Madge Buckey Revocable Trust

In early December, Madge Buckley celebrated her 85th birthday. A few years earlier, shortly after her husband passed away, Ms. Buckley was approached by a "friend-of-a friend," asking what she intended to do the proceeds from her deceased husband's life insurance. The bereaved widow was thankful of the help and accepted the offer of the friend to invest approximately $500,000 in four real estate notes in the Las Vegas, Nevada, Southern Utah area.

With her other assets, the notes were subsequently placed into a trust. Within two years, one by one, each of thel four notes defaulted, leaving Ms.Buckley with no monthly income and the prospect of losing her $500,000 investment. Doug met with First National Bank and Ms. Buckley's attorney to help evaluate the notes and the possibility of recovering the funds.

Doug contacted the company in Las Vegas which had originated the loans, and working with the local attorney and the Trustees, received a summary of the real estate and the situation. The "friend" was also contacted, but he was unable to provide assistance and was not deemed criminally liable for the poor investments.

Mr. Roberts subsequently meet with representatives of the Mortgage Company as agent for Mrs. Buckley and evaluated the real estate securing the note. Mr. Roberts assisted in the sale of two of the properties. The two remaining properties have been turned over to a court appointed Trustee for disposition. The Loan Officer has since "retired" under considerable pressure for her placement of the four loans and other similar high-risk real estate loans which had been resold to other investors like Ms. Buckley. Although Ms. Buckley has recovered some of her initial investment, it is unlikely that she will ever get all her money back.