SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 21, 1999
Date of Report (Date of earliest event reported)
PMCC FINANCIAL CORP.
(Exact name of Registrant as specified in its charter)
Delaware 1-7614 11-3404072
(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification Number)
3 Expressway Plaza
Roslyn Heights, NY 11577
(516) 625-3000
(Registrant's telephone number, including area code)
Page 1 of 2 Pages
Exhibit Index Appears at Page 2
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Item 5. Other Events
Reference is made to the Company's press release attached
hereto as Exhibit 99.01 and incorporated by reference herein (including, without
limitation, the information set forth in the cautionary statement contained in
the press release).
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
Exhibit 99.1 Press Release issued December 22, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PMCC FINANCIAL CORP.
Date: December 22, 1999
By: /s/ Stephen J. Mayer
--------------------
Name: Stephen J. Mayer
Title: Chief Financial Officer
ROSLYN, NY - December 22, 1999
PMCC Financial Corp. (AMEX: PFC) announced that it was fully cooperating with
the investigation by the United States Department of Housing and Urban
Development ("HUD") into alleging improper borrowings made by one or more
customers of a certain builder based on Long Island. In connection with the HUD
investigation, the Company's President and Chief Executive Officer, Mr. Ron
Friedman, and a Loan Officer, Mr. Kenneth Mann, were charged in a criminal
complaint with one count of allowing false qualifications to be included in
applications for FHA-backed mortgage loans. Mr. Friedman vigorously denies the
allegations contained in the Complaint. Mr. Friedman's attorney, Joseph Ryan,
said, "We are confident that Mr. Friedman will be cleared of these charges. In
my opinion, the Government's actions in conducting a `Hollywood' style search
and seizure of the Company's files was totally unwarranted since most of these
records are readily available for review by any state or Federal regulator."
The Company was not named as a party in the Complaint.
The Company's Board of Directors retained an independent consultant to examine
its policies and procedures to ensure full compliance with HUD guidelines and
other relevant and applicable regulations.
Mr. Friedman stated that he is proud of the Company's high standards and
reputation in the marketplace.
PMCC Financial Corp. is a specialty consumer financial services company
providing a wide range of residential mortgage products to all types of
borrowers. Since 1996, the Company has expanded and diversified its mortgage
banking activities by establishing a program to provide short-term financing for
one-to-four family residential rehabilitation properties, opening a fully
staffed wholesale division and expanding geographically into selected markets.
The Company is also developing marketing programs to facilitate expansion,
including its Net Branch office program, and has launched an E-Commerce strategy
to enter the consumer-direct mortgage market.
Certain statements contained herein are "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934, as amended. Actual results could differ materially from
those based on such statements due to a variety of factors, including but not
limited to, changes in the national or industry economic conditions; competitive
products and pricing; changes in the market for such products or timing; and
other factors generally understood to affect the real estate mortgage markets.
For more information on PMCC Financial Corp., please contact Stephen Axelrod, at
212-370-4500.
