April 2, 2018
Prescott Lovern, Sr. (Lovern) has caught Barclays committing fraud again. This time securities fraud in the United States.
Barclays has just agreed to pay $2 billion for allegedly causing billions of dollars of losses to investors by engaging in a fraudulent scheme to sell residential mortgage-backed securities between 2005 and 2007, the U.S. Justice Department (DOJ) said last Thursday.
The department said the firm misled investors about the quality of the mortgage loans backing those deals and committed violations of mail fraud and bank fraud. According to the Justice Department’s statement, Barclays disputes the allegations.
Lovern says Barclays PLC filed an illegal 20-F on or about February 28, 2018 in the United States with the Securities & Exchange Commission (SEC), misleading investors to manipulate the market. Barclays could be facing strict liability of $378 billion for every 1 million qualifying Barclays’ Shareholders, making DOJ’s fine look like coffee money.
Like the DOJ case, Barclay’s management / directors are trying to cover-up the stock [20-F] fraud. The big difference is the securities fraud can easily bankrupt Barclays.