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First Magnus Financial Lawsuit Website Launched

A website has just been created, presumably by former First Magnus employees and/or lawyers, dedicated to launching a class action suit against the bankrupt mortgage lender for failing to pay out final wages and commissions.

The website, “Sue First Magnus Financial Corp” ( has the following message to former employees:

“This is unacceptable as the officers within all First Magnus and its subsidiaries profited millions and now justice must be served.

We encourage everyone who is owed wages and compensation from First Magnus Financial Corporation to click here to join the class action lawsuit forthcoming.

It is time to make all officers of First Magnus Financial, Great Southwest Mortgage and Charter Funding accountable.

Please sign-up and forward to anyone you know who may be involved.

Earlier this month, First Magnus Financial closed its doors, and last week the company announced that paychecks had been delayed because its accounts were frozen by investors that provided capital to the lender to make loans.

Now employee paychecks are past due, despite the fact that the company created an assistance fund of more than $1 million to clear up the situation.

However, First Magnus spokesman Gary Baraff pointed out that only Southern Arizona employees would be eligible for assistance because the company anticipates that it will be harder for locals to find new jobs, as opposed to those in other parts of the country.

Hello frustration.

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