Daniel got the idea of going into lending after selling so many Mercedes-Benz at Fletcher Jones Motorcars to customers in the mortgage business. As he said he got the idea when he bought his first home in the year Furthermore, Being a Newport Beach entrepreneur he has his own career in the entertainment industry, as a producer and writer.
He also lavished money on his cars and gambling. Sadek is an exotic car collector and also had various car collection. Sadek so has a good income through his exact net worth is not disclosed.
He used his earnings in upgrading his lifestyle, buying a fleet of Ferraris, Lamborghinis, and Porsches , dating a soap opera starlet, and producing the movies.
Daniel flew private jets to Las Vegas, where he gambled with high rollers at the Bellagio Resort. Subscriber Account active since. 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. 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.
Court records list cash advances taken out on his credit card at casinos from Hawaiian Gardens to Lebanon. Quick Loan Funding quickly became an active part of the industry. It's founder, Daniel Sadek , is a Lebanese immigrant with a third-grade education. He used some of that cash to finance a Hollywood film. The movie went bust, and eventually Sadek's business did too. CNBC anchors and reporters discuss how subprime loans developed, why these loans should have been regulated more closely and how they ultimately fell apart.
Lenders Relax Borrowing Requirements show chapters. Easing the Rules for Mortgage Approval. The Return of the Adjustable Mortgage. Rates Drop, but Adjustable Loans Persist. I don't care what anyone says I know first hand that QLF was working hand and hand with appraisers to inflate the prices of homes so people could qualify for the loans. He is definitely responsible for a huge portion of the economic downfall. I worked there for over a year in Irvine and in Costa Mesa.
Did He have a temper? It was wonderful working at QLF I actually miss it and would gladly work for him again. I also worked with Alex and they are both very kind and giving individuals. People dont know how many checks he would write to help solve an employees problem who maybe asked him for help.
Or maybe pay a friends hospital bill who had cancer and was unable to work. If it was within his power to help you and it was a reasonable request he would help you if you were a loan officer for him or a receptionist. Did he have a lot of assitants? Yes but each one I met enjoyed all the perks that came with working for him.
It is very sad what has happened to his beloved Quick Loan and that people are judging his personal character. Even if it wasnt another mortgage company, whatever he is doing now i know he is making sure his employees are taken care of.
When it was good it was good and when he could afford to lavish us with Plasmas and digital cameras for a company party he did and if he couldnt afford it he didnt. Wish QLF was still around!!!! The Orange County Register some "reporter" John Gibblestein or something like that made an aszz of himself criticizing Sadek for immigrating with an elementary school education and starting out pumping gas to eventually rise to CEO of QuickLoan.
Gibbleshutz is clearly heard complaining about the fact Sadek "doesn't even have an MBA Either Orange County is stupid elite and Gibblewhatz is another birth defect of No wonder California is an economic toilet when the OCRegister and people like them are in control of the establishment.
So it's been a couple of years since this posting has been up and I have to say, WOW. There seems to be a lot of opinions on Mr. What he did may or may not have been ethically right but that up to you to decide for yourself.
Moreover, as for the law that's up to the courts so I'll just leave it at that. As large as Southern California may be the real estate circle is somewhat small so I had the opportunity to have met the man on several occasions.
And it seems when our paths have crossed during social events he was a very nice person to speak with. If memory servers me correct I believe we did speak lightly about both business and the real estate industry and he seems to be very knowledgeable in both aspects.
Personally I don't know how he conducted his business but I do know some of his past employees and of course they have told me stories. And that's what they are, just stories. I wish the guy good luck and his family well and knowing this industry I'm sure I'll see him around. Now this is spreading yourself thin Comments 66 Subscribe to Comments Comment.
Show All Comments. I was Daniel Sadek's Assistant at one time and after reading all of this all I can say is I am not surprised. A1 - Wow! Such anger. I honestly feel sorry for. I was also his REAL assistant just so you know.
I don't think you realize how long he was in business and how many assistants he went. Before me there were at the very least 10 assistants who were sexually.
I did not deface him as you called it. No where in my post did I deface him. I even stated that he was. I merely stated the truth. I don't think you. Everyone who actually knew him for real knew that he has a quick temper. I only stated pure facts. If one does not lie and cheat then they will never get caught plain and simple.
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