WELLS FARGO “FAKE ACCOUNTS” & MORE. NO ONE TALKING ABOUT THE FEDERAL FELONIES COMMITTED

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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.

Stay tuned.

 

 

 

PRESCOTT LOVERN, SR. FILES DISCIPLINARY COMPLAINT AGAINST 3 MAJOR LAW FIRMS AND 17 ACTIVE LAWYERS

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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.

 

 

WARREN BUFFETT’S GECKO AT GEICO CAUGHT ROBBING GRAVES

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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

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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

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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.

NYSE, NASDAQ, FINRA, SEC, OBAMA DOJ, OBAMA TREASURY DEPT., FEDERAL RESERVE, CONSPIRED TO COVER-UP THE LARGEST ILLEGAL TRANSFER OF WEALTH IN HISTORY, BIGGER THAN THE REAL ESTATE SCANDAL.

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

UPDATE: July 12, 2017

The Federal Reserve Board (FRB) Members, plus the FRB Office of General Counsel, are continuing to cover-up the massive fraud / RICO Conspiracy in the Financial Industry. Janet Yellen is not very smart considering she is about to become a private citizen.

July 7, 2017

Certain American People [100s of thousands] do not know that their pockets have been picked for almost 50 years, and, to cover-up this multi-trillion dollar theft, massive securities fraud has been committed by public stock companies who benefited from the illegal International RICO Conspiracy (RICO Conspiracy), while manipulating the market[s]. Unfortunately, there is not enough money to pay back the victims without crashing the stock market.

Now that we have a President who actually cares about the taxpayers, and an honest U.S. Attorney General, it’s time to deal with this outrageous scam, and if nothing else, punish the guilty parties.

The NYSE & NASDAQ Exchanges are being used by the SEC to cover-up the RICO Conspiracy, just like they did with the real estate scandal, part and parcel to the National Archives scandal. Same church, different pew. Guilty companies are getting nervous as they are starting to threaten Lovern. Anybody close to the situation should know that won’t work.

Banks “Too Big to Fail,” that was created because of the real estate scandal. The leftover Obama regime is losing control of the RICO Conspiracy.

Steven D. Laughton, Assistant General Counsel (Banking & Finance) U.S. Treasury, and, Bamil Patel, Deputy Assistant Treasury Secretary for the Financial Stability Oversight Council (FSOC) and responsible for day to day operations at the FSCO, which is responsible for overseeing risks in the financialsystem, are both refusing to discuss  the RICO Conspiracy with Lovern. So Much for FSOC’s Transparency Policy.

Stay tuned.

JAY CLAYTON, NEW SEC CHAIRMAN, NOT DRAINING THE SWAMP, HE’S FILLING IT UP WITH MORE CORRUPTION

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From Prescott Lovern, Sr. Legal News

UPDATE: July 11, 2017

Chairman Clayton still refusing to look at undeniable evidence of massive corruption inside the SEC, including his Inspector General’s Office.

July 6, 2017

Jay Clayton (Clayton), the new SEC Chairman, didn’t take long before covering-up massive securities fraud already covered-up by SEC Officials in Corporation Finance, Enforcement, Office of General Counsel and the Inspector General’s Office.

Clayton has refused to deal with the cesspool of corruption that engulfs the SEC. Instead he has elected to go along with the same conspiracy involving National Archives to protect “Banks Too Big To Fail” who have manipulated the market with illegal 10 Ks & 10 Qs.

INVESTORS BEWARE… The corruption inside the SEC has not changed. It’s business as usual.

Stay tuned, more to come.

 

PRESCOTT LOVERN, SR. CATCHES CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) ET AL INTENTIONALLY DAMAGING CONSUMERS

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APRIL 21, 2017

PRESCOTT LOVERN, SR. CATCHES CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC), FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC), FEDERAL RESERVE BOARD (FRB), AND FEDERAL TRADE COMMISSION (FTC) (CFPB, OCC, FDIC, FRB & FTC collectively “Banking Regulators”), SCAMMING CONSUMERS AGAIN TO PROTECT BANKS, INJURING CONSUMERS. ONCE AGAIN, UNDER TRUTH-IN-LENDING (TILA), ILLEGALLY AMENDING THE CREDIT CARD ACCOUNTABILITY RESPONSIBILITY AND DISCLOSURE ACT OF 2009 (Credit Card Act), CIRCUMVENTING CONGRESS AND THE FEDERAL STATUTE DESIGNED TO MAKE CREDIT CARD AGREEMENTS READILY AVAILABLE AND TRANSPARENT.

SEC. 204. [15 U.S. Code § 1632(d)(1)] of the Credit Card Act – INTERNET POSTING OF CREDIT CARD AGREEMENTS:

(a) IN GENERAL. — Section 122 of the Truth and Lending Act (15 U.S.C. 1632) is amended by adding at the end the following new subsection:

‘‘(d) ADDITIONAL ELECTRONIC DISCLOSURES. —

‘‘(1) POSTING AGREEMENTS. — Each creditor shall establish and maintain an Internet site on which the creditor shall post the written agreement between the creditor and the consumer for each credit card account under an open-end consumer credit plan” [underline added]. This does not mean a sample contract, but the actual card agreement between the issuer and the cardholder. The key words being “each credit card account”.

15 U.S. Code § 1632(d)(5) says “The Board, in consultation with the other Federal banking agencies [Definition - 12 U.S. Code § 1813(q)] and the Federal Trade Commission, may promulgate regulations to implement this subsection, including specifying the format for posting the agreements on the Internet sites of creditors and establishing exceptions to paragraphs (1) and (2), in any case in which the administrative burden outweighs the benefit of increased transparency, such as where a credit card plan has a de minimis number of consumer account holders.” [underline added for emphasis].

The Banking Regulators, ultra vires [without legal authority], illegally changed the legislative intent of (d)(1) by passing a Regulation in 12 CFR that allows credit card issuers to only post online sample credit card agreements that do not tell the cardholder the terms, fees and conditions of the cardholder’s actual card agreement (Agreement), as Congress intended. There is nothing burdensome for the issuer to have a website that has “each” of its Cardholder’s Agreements available online, as the issuers already have “each” Agreement in electronic form.

When the cardholder has to request their Agreement the issuer [e.g. Discover & Wells Fargo] has 30 days to mail it and this is a huge problem for these reasons. This allows the issuer to change, or make the terms, fees and conditions, anything they want, circumventing 15 U.S.C. § 1637(i)(4) and Regulation Z, which means the cardholder gets no Notice for any changes because it appears the mailed Agreement is the original Agreement [not subject to the 45 day Notice], and those unknown changes can support illegal fees & charges existing on the card. Companies like Wells Fargo & Discover who have a history of stealing money from their customers can use this lack of transparency scheme (Online Posting Scam) to rob their customers without fear of being caught, or so they thought.

Credit Card Act regulations require Card issuers to send the appropriate Bank Regulators the sample card agreement, which compromises the intent of transparency under the Credit Card Act. This is a premeditated scheme similar to bait & switch that thrives on the issuer’s ability to change the Agreement at any time. The cardholder is subject to theft any time, on any given day. 

Consistent with the language of 15 U.S.C. § 1637(i)(4) and Regulation Z, the legislative history of the  Credit Card Act makes clear that the purpose of the 45-day notice requirement is to provide the cardholder the opportunity to cancel his or her account before the significant change is to take effect. Indeed, a May 4, 2009 report from the Senate Committee on Banking, Housing, and Urban Affairs specified that a purpose of the Act was to “require[] issuers to provide 45 days advance notice of interest rate increases, and grant[] cardholders the right to cancel the card and pay it off under the old terms.” S. Rep. 111-16, at 7 (2009). Issuers can change the interest rate at any time using cardholder’s credit as justification. 

The Online Posting Scam is anything but increased transparency for the cardholder, as Congress intended in the Credit Card Act, and, the Regulation in question violates 15 U.S. Code § 1632(d)(1) regarding posting online, and its legislative intent.

Certain credit card issuers and Banking Regulators are complicit in, but not limited to, “cramming,” grand larceny, federal felonies, violations of TILA, RICO, etc. This not the first time Richard Cordray [CFPB] has been caught illegally re-writing a federal statute.

Millions of Consumers are being financially raped.

Stay tuned.

Prescott Lovern, Sr. Catches U.S. Department of Education Intentionally Violating the Constitutional / Federally Protected Rights of U.S. Citizens In Conjunction with Pell Grants; Universities & Colleges Complicit

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APRIL 11, 2017

Prescott Lovern, Sr. says the U.S. Department of Education (DOEd), Universities & Colleges who issue Pell Grants, have been caught lying to high school graduate Non-Dependent Students who want to, and/or have applied for Pell Grants, in violation of non-ambiguous federal statutes.

In addition, the guilty parties have been extorting financial information of parents & guardians who do not provide half of the non-dependent student’s support.

Secretary DeVos was informed of this by Lovern, given an opportunity to stop the illegal conduct, but she refused.

Lovern says it could be a mountain of federal felonies under 18 U.S. CODE § 242.

Stay tuned.

INSURANCE DEBT REDUCTION / MARYLAND MVA – IT IS A SCAM

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MARCH 13, 2017

Prescott Lovern. Sr. says that Maryland’s new Insurance Debt Reduction Program (IDRP) is scamming Maryland (MD) residents.

It all starts with alleged insurance lapse fines assessed without a hearing [full due process required]. The U.S. Supreme Court ruled years ago that states cannot take away your driver’s license or registration without “full” due process. That is exactly what MVA does. They offer you a hearing “after the fact.” The illegal fines grow monthly.

What MVA didn’t tell you in their deceptive IDRP is that MD has a law that prevents any creditor from reviving the statute of limitations that have expired [3 years, no lawsuit, no judgment]: “Notwithstanding any other provision of law, on the expiration of the statute of limitations applicable to the consumer debt collection action, any subsequent payment toward, written or oral affirmation of, or any other activity on the debt may not revive or extend the limitations period.” MD Courts and Judicial Proceedings §5–1202. This is why they are now trying to get you to pay 80% when you owe nothing if it has been more than 3 years.

Taking away your right to drive for alleged fines resulting from alleged insurance lapses without a hearing violates, but not limited to, the 14th Amendment to the U.S. Constitution; and, it’s Mr. Lovern’s opinion, it violates 18 U.S.C., Sec. 242 [federal felony].

MVA goes further by telling you under the IDRP that if you sign up and violate one aspect of the program you will owe the full original amount. LIE! If the statute of limitations ran out on your alleged debt they can’t legally collect a dime. What they are doing is offering to let you drive legally again when in fact they illegally suspended your driving privileges to begin with.

Their IDRP also violates the The Fair Debt Collection Practices Act (FDCPA) and state laws. The entire insurance lapse practice at MVA is nothing but a scam, and the Department of Budget and Management’s Central Collection Unit (CCU) is nothing but a criminal enterprise.

Stay tuned.