SEPTEMBER 1, 2017 – [Updated 09/07/17] – [Updated 09/12/17 in red]
PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)
“Wells Fargo (WF) has uncovered up to 1.4 million [roughly 3.5 million total] more fake accounts after digging deeper into the bank’s broken sales culture.”
What NO ONE is talking about are the millions of federal felonies committed by Wells Fargo employees, sanctioned by certain senior management, and, covered-up by the Directors / Executives / Lawyers. The law firms of Shearman & Sterling (S&S) and McGuire Woods (MWs) have been working on the the fake accounts issue along with Morrison Foerster (MF) and PricewaterhouseCoopers LLP (PWC) but they never brought up all the federal felonies.
42 U.S.C. Sec. 408(a)(8) (hereinafter “408(a)(8)”) states – “Whoever discloses, uses, or compels the disclosure of the social security number of any person in violation of the laws of the United States shall be guilty of a felony and upon conviction thereof shall be fined under title 18 or imprisoned for not more than five years, or both.”
Every time a “fake account” was opened a person’s social security number (SSN) was used and disclosed.
Most people think 408(a)(8) only applies to the Social Security Act. Wrong. It applies to any violation of federal law that involves a SSN. Its purpose is to protect against the misuse of social security numbers.
From the U.S. Court of Appeals:
“The 1981 amendment clearly shows that the statute is not limited to the social security context.”
“Congress has therefore explained that the words “for any other purpose” mean precisely what they say.”
“In 1976, however, the reach of the penalty became substantially broader; the statute was amended to include not only those who sought unauthorized or excessive federal benefits, but also those who misused social security numbers “for any other purpose.” Tax Reform Act of 1976, Pub.L. No. 94-455, sec. 1211, 90 Stat. 1520, 1711 (1976).”
One of WF’s defense law firms, Morrison Foerster [MF], helped WF cover up SSN criminal violations associated with “fake accounts” and VISA credit card applications. Other law firms are being investigated. Not only is WF et al covering up violations of 408(a)(8) in relation to “fake accounts,” they are covering-up millions more violations connected to VISA Credit Card Applications going back years whereby WF did not provide federal statutory required disclosure when compelling & using SSNs associated with VISA credit card applications. The OCC, Wells Fargo’s regulator, has been covering this up since the beginning of the Obama Administration. If the OCC had done its job Wells Fargo might not be facing bankruptcy.
The American Bankers Association (ABNKA) [now hiding] was given evidence of the MasterCard / Visa Application SSN violations [42 U.S.C. § 408(a)(8), 18 U.S.C. §§ 3 & 371 + federal disclosure laws] years ago, and they elected to cover-up as to their member banks who issue MasterCard / VISA credit cards. The ABNKA, Wells Fargo, MF, S&S, PWC, MWs, certain MC / Visa credit card issuing banks, regulators, bank executives and lawyers, certain affinity card issuing bank partners [Walmart & Amazon included], certain Foreign Central Banks, certain foreign banks including Banco Santander S.A. / Santander N.A., Mastercard, Inc. & Visa, Inc. will be named in upcoming litigation that involves trillions of dollars in liability. It was necessary to wait for an honest Federal Administration to bring these civil cases forward as the Obama Administration covered all this up. The National Banking Regulators have set-up every National Bank who issues MasterCard and/or VISA credit cards for bankruptcy. Like most crimes, it’s the cover-up that brings down companies and people.
FROM WELLS FARGO 2016 10K – “If Wells Fargo were to fail, it may be resolved in a bankruptcy proceeding or, if certain conditions are met, under the resolution regime created by the Dodd-Frank Act known as the ‘orderly liquidation authority.’ ”
It’s time greedy banks, their Regulators, Directors, Executives, Lawyers & Associations are held to the same standard as the average American.
Wake-up Congress & Federal Prosecutors.