Star witness takes stand in Bill Bartmann's trial
Friday, October 10th 2003, 12:00 am
By: News On 6
The prosecution's star witness took the stand in the Bill Bartmann trial Friday. Jay Jones co-founder of CFS.
He said Friday that CFS got into trouble when it switched from collecting bad consumer loans and went into collecting credit-card debt. He testified that the model CFS used to predict collections wasn't working and that they were lagging behind. To make up for collections, he says they started selling off accounts to outside companies.
Jones says one of those was DiMat, which he and Bartmann are accused of creating to buy bad CFS accounts with their own money.
Prosecutors claim that was how CFS met its monthly collections goals and kept the company looking good to investors.