OCTOBER 16, 2013:

Prescott Lovern, Sr. (Lovern) and R & L Associates Law have undeniable evidence that Janet Yellen, President Obama’s newly appointed choice to be the new chairman of the Federal Reserve Board, knowingly and willingly participated in a cover-up of massive civil & criminal fraud associated with MasterCard & VISA Member Issuing Banks she regulated as President of the San Francisco Federal Reserve Bank, and, in a oversight capacity as Vice-Chairman of the Federal Reserve Board.

The alleged illegal conduct of Ms. Yellen et al is connected to the infamous “Interchange Fee” (IF) collected on every single MasterCard (MC) / VISA credit card solicitation, application and transaction. Ms. Yellen was warned by Lovern repeatedly about MC / VISA issuing banks who are engaged in what Lovern refers to as a ”racketeering criminal enterprise” that has cost U.S. Consumers trillions of dollars since 1970. Yellen fell right in line with Ben Bernanke and Richard Cordray’s decision to continue to cover-up the enormous IF Conspiracy / theft of U.S. Consumer money.

The IF Conspiracy litigation roll out will be worse than the 2008 financial meltdown because of the mass number of banks involved. Lovern has already proven that 100% of all MC / VISA credit card receivable “asset based securities” are fraudulent, as is every MC / VISA application & monthly billing statement. In addition, between 90% -100% of all online MC / VISA Debit card transactions have been fraudulent, damaging cardholders.

MC / VISA Cardholders can wipe out their entire MC / VISA credit card balances under current law without affecting their credit ratings because of the conduct of regulators et al.

The White House was warned, yet ignored the evidence. Lovern now has documented physical evidence from the Richmond Federal Reserve Bank, GAO, FDIC, Federal Reserve Board, VISA, Inc. (VI), MasterCard International (MI) & select public stock issuing banks, etc… to back up his claims. “The claims can be proven beyond a reasonable doubt and include serious criminal violations committed by bank regulators, MI, VI, issuing banks (i.e. Wells Fargo, Bank of America, Chase, Citibank, etc..), major law firms, and the American Bankers Association,” says Lovern.

The first of what will be 1000s of lawsuits is starting, beginning with Major League Baseball and specific co-branded MC / VISA credit cards.

This criminal enterprise operated primarily under the protection of the Federal Reserve Board will bring down the FRB as we know it,” claims Lovern. “Unfortunately, it could also be the end of the U.S. Dollar as the world’s leading reserve currency, and that would be bad. The IF Conspiracy involves trillions of dollars of stolen money from consumers, and its going to have to be paid back, at least until everyone connected runs out of money.”

Lovern has asked to testify at Yellen’s confirmation hearings but he’s sure he will not be invited. “Congress doesn’t want to know the truth, Lovern stated.”

This is a hot one, stay tuned.


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