Falsified Loan?

I have a question. Why does the FAA just accept any piece of paper given to them as being legitimate. We saw a lot of that with the paperwork for the plane he stole previously (N484E).

Today we see it again.

This document was sent to me today.

A plane owner just happened to order a disc of all the documentation on his plane. He was getting one for another plane he bought so he figured he’d throw his old plane in there too. Good thing he did.

What he got was a “Record of Security Conveyance” for a $25,000 loan on his plane with a company called Aerobanc of America out of Camarillo.

A loan that he never took out.

The document is dated January 11, 2013
Was filed with the FAA on May 30, 2013

They filed it, no questions asked.

They did NOT send a copy, or any other notification to the person listed.

They DID apparently send a copy to the supposed lender.

To their credit Aerobanc has stated they will do what they need to in order to get this fixed. Meaning making sure that there is NO record of a loan recorded on this plane, paid, unpaid or otherwise. They state they had no idea about this loan and never would have issued it because they don’t do loans on experimentals.

But think what this could have caused had this owner tried to sell his plane.
Or if Riggs put into action whatever plan he had when he filed this. And yes, we know that’s who did it. He could have filed a lien for an unpaid loan and no doubt, the FAA would have turned over ownership, just like the did on the plane in the previous article.

I would strongly suggest that anyone who ever had any sort of tangle with Riggs do the same thing this pilot did and pull a copy of your planes records. There is no telling what you might find

Because the FAA, for some unknown reason, accepts any piece of paper they receive at face value and have nothing in place to actually notify the owners of the planes that they are recording this stuff on. It’s unbelievable to me that these are the people in charge.

This pilot will get this figured out I’m sure. But Riggs has been dead for almost a year…and his crimes are still coming to light.

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2 Responses to Falsified Loan?

  1. cma local says:

    Aerobanc paid the FAA $5.00 to file this. Stan Shaw would not spend $5.00 unless it was on 5 mini bottles of scotch for his next flight as PIC. There is more to this story….. Stan has the old phone company quonset hut southwest of the tower at CMA, all the tail numbers on his many planes end in “SS”
    former UAL pilot who married well, loans money on aircraft titles at usary rates.

  2. Real CMA local says:

    You can’t be a real local to CMA. That shack was torn down years ago, Stan no has a new hangar in the Sun Air addition that was where his old place was.