FRANK J. PENA

Frank J. Pena, Jr has spent over 26 years in the financial services arena primarily in banking, brokerage and consulting. Mr. Pena has worked on hundreds of transactions in the real estate and distressed asset arena totaling over $1.5 billion as well as raising significant equity and debt capital for both public and private companies.

Since January 2000 to present day, Mr. Pena has been the Principal of the Winthorp Capital Group, a boutique advisory firm consulting with public and private companies in regards to raising either equity or debt capital. Winthorp Capital has also consulted with many clients in the specialty finance arena regarding real estate, tax liens and distressed receivable transactions.

Prior to forming Winthorp Capital Group, Mr. Pena was the Director of Sales & Marketing for the Breen Capital Group from May 1996 to December 1999. Mr. Pena's contributions enabled Breen Capital to rapidly expand their portfolio of tax liens and real estate holdings on a national basis through bulk sales, securitization and advising new jurisdictions on legislative initiatives to open up new markets to tax lien investors. Breen Capital enjoyed the reputation during Mr. Pena's tenure, as the premier purchaser and servicer of tax liens on a national basis. Mr. Pena also developed unique and innovative structures while at Breen Capital, namely the PurchasePlus vehicle. The PurchasePlus structure was a bulk sale of distressed assets with participation rights being given to the seller based on portfolio performance and redemption characteristics. During Mr. Pena's time at Breen Capital, the firm had engaged in over $500 million dollars worth of tax lien, real estate and distressed asset related transactions.

From October 1988 - May 1996, Mr. Pena was a Vice President of First Fidelity Bank (subsequently acquired by First Union National Bank and today known as Wachovia Bank). Mr. Pena worked in the community banking, asset management and corporate/institutional trust businesses for the bank. Mr. Pena was pivotal in creating First Fidelity's Municipal Tax Lien business with products such as document custodian and collateral trustee for both private investment entities as well as securitization transactions. These products enabled the tax lien market to rapidly grow and attract sophisticated Wall Street financing.

Mr. Pena worked for several broker dealers from 1982 to 1988 in varying capacities. At the time Mr. Pena maintain a series 7, 63 and 4 securities licenses.

Mr. Pena has a BS degree from Kean University (1978 -1982) in Management Science and a degree from Stevens Institute of Technology (1976-1978) in Chemical Engineering. Mr. Pena is also fluent in Spanish.