William Erbey, the controversial founder of Ocwen Financial Corp., is back as chairman at Altisource Asset Management Corp. (AAMC). The company appointed Erbey to the role of CEO in late December and the board of directors also appointed him as its Chairman, a position he held from March 2012 to January 2015.
This comes on the heels of the departure of interim CEO Danya Sawyer, who left in early December. Sawyer assumed the role of CEO in August, right after Jason Kopcak resigned from his duties.
Erbey served as the executive chairman of the board of directors of Ocwen from 1996 to 2015. But in 2015, Erbey was forced to resign from his position as part of a massive settlement with the New York Department of Financial Services (NYDFS). As a result, he also lost his position as chairman in Ocwen’s related companies, Altisource Portfolio Solutions S.A., Altisource Residential Corporation, Altisource Asset Management Corporation, and Home Loan Servicing Solutions, Ltd.
At the time, the NYDFS found conflicts of interest between Ocwen and various affiliated businesses, including AAM.
Since the settlement, Erbey has served as the chief executive of Salt Pond Holdings LLC and as the manager of System73 Global, LLC.
His CEO role will include a base salary of $50,000 per year and no other forms of compensation.