AG’s Office Admits to ‘Significant Failures’ in Investigating FRM; Cornerstone-Action Repeats Call for Independent Counsel to Investigate

For Immediate Release
May 12, 2010
Contact: Kevin Smith
Phone: (603) 571-4710

CONCORD, NH – Today, the state Attorney General’s Office released its much anticipated report which looked into the FRM scandal. As part of the report, the Attorney General’s Office admitted its own significant failures in properly investigating Financial Resources Mortgage, Inc. of Meredith, NH by missing repeated indications of fraud and not doing more about it. Attorney General Delaney even acknowledged that his Office’s mismanagement of the case dates all the way back to 2001.

With the Attorney General’s Office now having admitted to mishandling this case, Cornerstone-Action is once again repeating its call for the Governor or Legislature to appoint a neutral special counsel to investigate all the details of this scandal, independent of the Attorney General’s report.

Cornerstone-Action’s Director, Kevin Smith, commented:

“The Attorney General himself, in his own report, is admitting to significant failures in properly addressing the ponzi scheme that was allowed to go on for years by FRM. The Governor and the Legislature would be doing a great disservice to not only this state, but to the people who lost millions by not appointing an independent counsel to take an unbiased look at this matter and determine exactly what role that each agency, including the Attorney General’s Office, played in the mishandling of this case.”


CPR-Action is the legislative advocacy arm of Cornerstone Policy Research.

Cornerstone Policy Research is a non-partisan, non-profit research and education organization dedicated to the preservation of strong families, limited government and free markets.

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