MARCH 1, 2018

Prescott Lovern, Sr. says The Wendy’s Company (Wendy’s) filed an illegal 10 K on Feb. 28, 2018, with the SEC. In their 10 K [signed by all Directors, CEO Todd A. Penegor and CFO Gunther Plosch] Wendy’s failed to disclose “non-routine” potential catastrophic liability that Wendy’s cannot guarantee to investors that said liability will not “materialize,” required by federal law [U.S. Supreme Court precedent] and District of Columbia securities law.

Instead of complying with the law Wendy’s used generic boilerplate language prohibited by SEC Rules. 2017 SEC Corporation Finance – 303 Staff Manual, which states;

“MD&A should not consist of generic or boilerplate disclosure. Rather, it should reflect the facts and circumstances specific to each individual registrant. S-K 303 is a       ‘principles-based’ disclosure requirement. It is intended to provide management with     flexibility to describe the financial matters impacting the registrant. [underline added].

From the 10 K:

“We are involved in litigation and claims incidental to our current and prior businesses, including the legal proceedings related to a cybersecurity incident as described in ‘Item 3. Legal Proceedings.’ We provide accruals for such litigation and claims when payment is probable and reasonably estimable. Most proceedings are in preliminary stages, with various motions either yet to be submitted or pending, discovery yet to occur and significant factual matters unresolved. In addition, most cases seek an indeterminate amount of damages and many involve multiple parties. Predicting the outcomes of settlement discussions or judicial or arbitral decisions are thus inherently difficult. We review our assumptions and estimates each quarter based on new developments, changes in applicable law and other relevant factors and revise our accruals accordingly.”

Stay tuned.



FEBRUARY 27, 2018

Prescott Lovern, Sr. (Lovern) says PRA GROUP, INC. (PRA) (aka Portfolio Recovery Associates) is facing potential bankruptcy for their willing participation in MasterCard & Visa’s racketeering enterprise connected to illegal fees charged to cardholders’ credit cards, unknown to the cardholder. [Trillions of dollars in total Enterprise liability].

PRA buys large portfolios of unpaid and delinquent obligations from consumers to credit originators like banks, credit unions, auto-finance companies, and retailers. About 70% of the time, this debt is in the form of credit card debt. Visa (NYSE:V) and Mastercard (NYSE:MA) don’t assume the risk of default when the consumer gets one of their credit cards – the issuer of the card does, and it’s the issuer of the credit card keeping the illegal fees, charging them to the customer’s account. When the customer does not pay PRA is almost always buying this debt for pennies on the dollar [not all issuing banks].

Since PRA was founded in 1996, it has acquired more than 2,748 portfolios with a nominal face value around $70 billion for a total price of about $2.7 billion (roughly 3.5 cents on the dollar) (where PRA agrees in advance to buy any debt that is charged off over a period of time for a specific percentage of the debt’s face value). Here lies the problem.

The MasterCard / VISA credit card charged off debt includes the illegal fees charged to the credit card account. PRA then attempts to collect those illegal fees in violation of state & federal laws, including federal felonies. PRA is successful at collecting many of these illegal fees, and in the process they don’t tell the account owner about the illegal fees charged to their credit card account.

Shareholders and Investors should pay close attention to PRA’s upcoming 10 K to see if the officers & directors disclose this liability, as it is required to be disclosed under 303.

If PRA wants to challenge Lovern’s findings he will gladly meet with them at the F.B.I.

Stay tuned.





FEBRUARY 13, 2018

Prescott Lovern, Sr. (Lovern) caught Buffalo Wild Wings (BWW) filing fraudulent SEC documents in 2017 while finalizing their $2.9 Billion sale to Inspired Brand’s, Inc. (fka Arby’s Restaurant Group, Inc.) (Arby’s). Lovern confronted Arby’s and Roark Capital Group who owns Arby’s. They immediately went into cover-up mode.

When Lovern confronted BWW’s general counsel she disappeared and so did the SEC documents in question from the BWW website, but, Lovern has them.

This is going to be a very interesting situation considering there is a BWW shareholder lawsuit pending over the sale of BWW to Arby’s. Roark Capital is playing with fire.

Stay tuned.






FEBRUARY 6, 2018

Prescott Lovern, Sr. (Lovern) has caught Wendy’s & Subway duping customers with their advertising. Both companies run corporate TV ads and respective website promotions that offer special pricing on respective food products.

The TV Ads have unreadable fine print that says [paraphrase] participating restaurants and price varies. What they don’t tell the consumer is that their respective franchisees are NOT required to honor advertising from corporate. More importantly not disclosed  is that roughly 100% of all Subway locations are franchises. And, roughly 99.5% of all Wendy’s are franchises.

Corporate drives consumers to their restaurants and many times the consumer finds out that $4.99 Footlong, or, 4 for $4, is not available. Two options, leave, or buy more expensive food.

Nice scam.

Stay tuned. More to come.



SEPTEMBER 20, 2017

PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)

Victims of the Equifax Data Breach are being denied [confirmed] new social security numbers (SSN) by the Social Security Administration (SSA) [Obama Holdovers]. President Trump doesn’t even know about this, as SSA is trying to keep it quiet. Victims are entitled to a new SSN.

From the Federal Trade Commission:

“The SSA may assign a new Social Security number to you if you are being harassed, abused, or are in grave danger when using the original number, or if you can prove that someone has stolen your number and is using it. You must provide evidence that the number is being misused, and that the misuse is causing you significant continuing harm.”

“The SSA lets you apply for an original Social Security number or a replacement Social Security card for free.”

The Congressional oversight committees for SSA will not let you talk to anyone, nor will they identify staff members. ZERO TRANSPARENCY. The GOP obviously feels they do not have to talk to the American People.

This outrageous behavior at SSA will not stand, trust me.

Stay tuned.



September 12, 2017 - [updated 09/14/17 - see in red]

PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)

Attorneys that Lovern will file disciplinary complaints against in the first round of the Wells Fargo fake accounts scandal. [NOTE – Complaint allegations against these lawyers will not be disclosed in this press release].

James Strother [former general counsel], C. Alan Parker [current general counsel], Pamela Pearson [senior litigator] – Wells Fargo (WF)

Mike Miller – Partner Morrison Foerster [represents WF]. Larren M. Nashelsky, managing partner Morrison Foerster.

Issac deVyver, Ben Sitter, Jarrod Shaw  – McGuire Woods [represent WF]

Diana Weiss [Network Global General Counsel], Caroline Cheng [USA General Counsel {former White House Counsel to President Obama}] – PricewaterhouseCoopers (PWC) [PWC investigated and wrote Report for WF Directors on scandal].

Jonathan Su [former White House Counsel to President Obama] – Latham & Watkins [retained to represent PWC after PWC accused of covering-up federal felonies connected to scandal].

David J. Beveridge – Shearman & Sterling (S&S) [Global Managing Partner S&S].

Amy Friend – Senior Deputy Comptroller & Chief Counsel, Office of the Comptroller of the Currency (OCC). The OCC regulates Wells Fargo Bank. Julie Williams, former Chief Counsel / Deputy Comptroller OCC; Dan Stipano, former Chief Counsel OCC.

Scott Alvarez – just retired General Counsel, Federal Reserve Board (FRB). Wells Fargo & Co. [holding company] is regulated by the FRB.

Every licensed lawyer knows that when Wells Fargo opened a fake account without their customer’s knowledge and approval, state & federal laws were violated. Here are a handful of federal felonies in play, but not limited to – 42 U.S.C. § 408(a)(8) [social security numbers]; 18 U.S.C. § 3 [accessory after-the-fact]; 18 U.S.C. § 4 [misprision of felony]; 18 U.S.C. § 371 [conspiracy]; 18 U.S.C. § 241 [federally protected rights]; 15 U.S.C. § 1681q [FCRA]; 18 U.S.C. § 1961 et seq. [RICO]. (fake accounts scandal hereinafter referred to as “scandal”).

American Bar Association (ABA) Model Rule 8.3(a) states:

(a) A lawyer who knows that another lawyer has committed a violation of the Rules of Professional Conduct that raises a substantial question as to that lawyer’s honesty, trustworthiness or fitness as a lawyer in other respects, shall inform the appropriate professional authority.

Every jurisdiction has the exact or very close to the same standard in their Rules of Professional Conduct. Have any lawyers connected to the scandal been reported for misconduct. Not to my knowledge. All lawyers are required to report attorney misconduct, even if it is a colleague; however, every lawyer connected to the scandal will claim confidential and/or attorney/client privilege. WRONG!

In New York (NY) where much of the scandal attorney misconduct has occurred, NY’s Rules state – (b) A lawyer may reveal or use confidential information to the extent that the lawyer reasonably believes necessary; 6) when permitted or required under these Rules or to comply with other law or court order [underline added]. The District of Columbia Rules state you can use confidential information “to prevent, mitigate or rectify substantial injury to the financial interests or property of another.”

More important federal law [18 U.S.C. § 4] states – “Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some judge or other person in civil or military authority under the United States, shall be fined under this title or imprisoned not more than three years, or both.” To my knowledge no lawyers connected to the scandal are facing disciplinary action, and, there is no evidence any lawyer has complied with 18  U.S.C. § 4.

All licensed attorneys are “Officers of the Court.” On admission to practice in federal court attorneys swear under oath – I _______________________, DO SOLEMNLY SWEAR (OR AFFIRM) THAT AS AN ATTORNEY AND AS A COUNSELOR OF THIS COURT I WILL CONDUCT MYSELF UPRIGHTLY [word salad] AND ACCORDING TO LAW, AND THAT I WILL SUPPORT [not abide by] THE CONSTITUTION OF THE UNITED STATES. [underline added]. Similar jurisdictional license Oaths are given. This is like a four year old telling his mommy after being told not to eat any cookies, “I’ll try not to eat all the cookies.”

How nice if lawyers would abide by all laws and the U.S. Constitution. The number of attorneys who have violated the law and committed serious ethic’s violations in connection to the scandal is staggering, YET, NO ONE is talking about it, much less doing anything about it. If ordinary citizens had done what I’m talking about they would be sitting in jail, denied bail, awaiting trial.

Too many lawyers think they can decide when and what laws they have to abide by. How do they get away with this behavior?  Easy, 1) Congress is controlled by lawyers; 2) judges are nothing but lawyers in black robes; 3) if a disciplinary complaint is filed, who makes the decision about discipline? Lawyers. Not trying to steal a phrase, it’s a rigged system. Not all lawyers are corrupt, but way too many are.

Here is the result of the attorney misconduct associated with Wells Fargo:

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.’ ”

The “scandal” is just the beginning of attorney misconduct exposure. Just like in the Wizard of Oz, when the curtain was pulled back, wait until you find out what lawyers did in the MasterCard / VISA Credit Card, [yet to be litigated], CRIMINAL ENTERPRISE. If you want to “Drain the Swamp,” you have to start with the lawyers.

Stay tuned.



AUGUST 8, 2017

PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)

PRESCOTT LOVERN, SR. (Lovern) has filed a Disciplinary Complaint against 3 major law firms and 17 active lawyers. The corruption inside the legal profession is out of control. Whether the guardians at the gate do the right thing remains to be seen.

Lovern never thought he would see the day that Americans had a president that truly cared more about the people than the establishment. We have such a President now.

The corruption inside Congress, the Judiciary, and still Executive Branch [unknown to the President] is over the top and the Deep State [certain Republicans & Democrats] are in a panic about losing control. It truly is time to “drain the swamp.”

In the coming weeks Lovern will expose years of investigations about corruption that involves lawyers, judges, corporations, members of Congress and government employees. The corruption reached an all-time high during the Obama Administration. The losers… Consumers [taxpayers]. The winners… the establishment. This is why Democrats and Republicans alike want President Trump out-of-office, even if accomplished by illegal means.

Those commercials you see on TV saying “buy gold and silver,” even those people don’t know how right they are considering the hidden truth about our banking industry and the criminal enterprises they have been operating for years with the governments’ knowledge.

Stay tuned.





AUGUST 16, 2017

PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)

This story is so bazaar, immoral, illegal and unconscionable, it is hard to believe, and it’s personal. I had a death in my family. The person had auto insurance with GEICO. There is no insured interest on the car, and the car is not in the possession of any family member. The finance company was told to pick it up.

GEICO was contacted and told about the death and that there is no Will, or Executor, and only one heir, a parent. GEICO received the death certificate. The parent attempted to cancel the policy. He was told he would have to keep paying the policy until the Executor was named by the court. GEICO knows that can take months. I thought that could not be correct so I called GEICO myself and sure enough three licensed agents in the State where the Policy was purchased told me the same thing.

The next day I contacted the CEO of GEICO, Tony Nicely’s office, attempting to make an appointment to speak to Mr. Nicely. I was immediately transferred to an escalation department who was no help at all. I was told I do not have the right to speak to Mr. Nicely.

It appears this is standard practice at GEICO. The only explanation for charging a deceased premiums when there is no insured interest in the automobile is so GEICO can pile up unpaid premiums and fees, wait until the Executor is appointed through probate, and then charge the Estate for unpaid premiums and fees as a creditor. When there is no insured interest in the auto, GEICO has no risk.

I have notified Mr. Buffett through Berkshire Hathaway numerous times about other illegal conduct at GEICO, yet he ignored it every time. I have no knowledge as to whether he knows about this, but, had he cared about the things I did report, maybe the policies at GEICO today might be fairer to their customers.

GEICO continues to engage in illegal conduct while Berkshire Hathaway reaps the profits. The Gecko is cute, but GEICO is not.

Charging the dead. That is unconscionable.

Prescott Lovern, Sr.




SENATOR CRAPO, CHAIRMAN SENATE BANKING COMMITTEE (SBC), SUSAN WHELLER [Legislative chief of staff], and, MICHELLE MESACK ; [SBC Securities lawyer] ignoring massive fraud at SEC


PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)

AUGUST 3, 2017

Prescott Lovern, Sr. (Lovern) has been completely ignored by the Senate Banking Committee’s securities lawyer, Michelle Mesack, Senator Crapo’s Chief of Staff, Susan Wheller, and Senator Crapo himself who will not grant Lovern an appointment to discuss the cesspool of corruption inside the Securities and Exchange Commission (SEC) that operated as a criminal enterprise under the Obama Administration.

Investors are now at risk as major corporations, primarily big banks, covered-up illegal 10 Ks and 10 Qs filed in succession, known by the SEC. There exists trillions of dollars of strict liability that will come to light no matter how hard people try and hide it. President Trump is not involved and has no knowledge, but Democratic leaders do – all the way to Obama.

Senator Crapo’s Committee [SBC] has oversight responsibility for the SEC.

Stay tuned.



FEDERAL COURTS IN 2ND CIRCUIT DUPED BY CERTAIN DEFENSE LAWYERS IN Salveson, et al. v. JP Morgan Chase & Co., et al., Case No. 1:14-cv-03529


JULY 27, 2017

PRESCOTT LOVERN, SR. LEGAL NEWS – Prescott Lovern, Sr. (Lovern)

Certain defense lawyers committed fraud on the court in the U.S. District Court case in the Eastern District of New York, Salveson, et al. v. JP Morgan Chase & Co., et
al., Case No. 1:14-cv-03529. When confronted by Prescott Lovern, Sr. they did not deny the allegations, instead they just ran and hid.

The Salveson case is an antitrust case regarding Mastercard & Visa’s interchange fees. The unethical / illegal conduct skewed the Court’s decision, and caused a misleading decision in the Second Circuit Court of Appeals. All the judges involved were intentionally misled. The U.S. Supreme Court denied cert.

The case can be re-opened via Hazel-Atlas Glass Co. v Hartford-Empire Co. 
322 U.S. 238 (1944).

Stay tuned.