Sherry Hunt of O’Fallon, Missouri started at Citigroup as Vice President of Mortgages in late 2004. As someone who worked in the mortgage business for many years, Hunt quickly recognized the shortcomings of the mortgage processing at Citigroup. In 2007, her sector of the company reported that about 60% of the mortgages being processed were defective. In Hunt’s report, it stated that much of the documentation from the buying and selling of mortgages was missing. After confronting her boss about this, Hunt did not notice much change in the process. Attorneys for Citigroup began questioning Hunt and she began keeping personal records on a spreadsheet at home.
In 2008, Hunt was transferred to the quality control group at Citigroup. It was there that Hunt recognized even more wrongdoings by her company. Hunt saw that her team shipped questionable loans, with issues such as forged signatures, whited-out income lines on tax forms and misspelled bank names on borrower bank statements. Hunt reached her breaking point in 2011 when a supervisor called her into his office to say that, “her ass was on the line” if the defect numbers did not decrease. At this point, Hunt decided to take advantage of the Dodd-Frank rule and blow the whistle on Citigroup.
Hunt followed all of the necessary steps that she researched, knowing there was a slim chance she would receive help from the federal government. She hired a lawyer and decided to file a false-claims complaint against Citigroup. Almost six months later U.S. Attorney Preet Bharara, who was going to assist her in her suit against Citigroup, contacted her. Ultimately, Citigroup admitted wrongdoing, settled with the Justice Department and Hunt collected $31 million.
To read more on this story visit: http://www.businessweek.com/news/2012-05-31/woman-who-couldn-t-be-intimidated-by-citigroup-wins-31-million#p5
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