Next Generation Financial Services (NGFS) sent a notice to employees stating that LTC Global Inc. has increased its investment in the company to a majority stake. Along with the investment, NGFS’s parent company First Mariner Bank named Richard Pitbladdo as acting President.
Pitbladdo is a co-founder and CFO of LTC Global and will continue as an officer and director of LTC Global but his day-to-day responsibilities will concentrate on NGFS.
Two of the founding members, Brett Carter and Doug McClain are no longer with the company but Frank Neubauer is still with NGFS. Carter was named as Director of Business Development of LTC Global’s Mortgage Division when company made their initial investment in July, but according to sources at the company he no longer holds the position.
Other employees including Valerie VanBooven and Vicki Bond are no longer part of NGFS but will be working for LTC Global. They will be available on a part-time basis to NGFS performing some of the same services they did as employees of NGFS said a memo sent to employees.
NGFS endorsed 692 HECMs in FY 2009.