The Sun Sentinel is reporting that the “Foreclosure King” David Stern out of Florida is going to be closing shop this month.
DJSP Enterprises, the publicly traded firm that handled Stern’s back-office paperwork, filed a disclosure Monday morning with the Securities and Exchange Commission that the law firm would be closing.
“DJSP Enterprises, Inc.’s (the “Company’s”) primary customer, the Law Offices of David J. Stern, P.A., has announced that it will be ceasing the practice of law with respect to all pending foreclosure matters in the State of Florida as of March 31, 2011. As a result, the Company does not expect to receive any further file referrals from this customer,” DJSP said in the SEC filing.
The law firm and DJSP once had more than 1,200 employees, before the Florida Attorney General’s Office announced in August that it was investigating the way the two businesses handled foreclosure paperwork. Stern’s law firm handled tens of thousands of foreclosure cases around the state – about 20 percent of all repossessions in Florida.
You can read the full story here.