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Tag Archives | Fraud

Banks Falsify Credit Card Lawsuits in Ninety Percent of Cases?

By on August 16, 2012 in News 6

Philip Taylor (CC)

We hear every week about the massive LIBOR interest rate fixing, or the shady practices by which banks drain money from local municipalities, or the false promises given to homeowners across the country by the finance industry, or as much as 90% of foreclosed homes remaining off the market but still shuttered in and out of dispassionate algorithms, or that San Francisco’s assessor discovered ‘errors’ in 84% of home mortgage foreclosures (read: scams). It’s not a big leap of the imagination then to consider that almost all credit card lawsuits brought by banks are fraudulent. Lenders are still continuing the dubious fraud that caused such a scandal last year with robo-signing.

via Russia Today:

US credit card companies have been churning out lawsuits and improperly collecting debt from consumers 90 percent of the time, at least according to a New York judge who deals with these cases.

… Read the rest
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Barclays CEO Resigns Under a Cloud of Criminal Allegations

By on July 3, 2012 in News 8

World Economic Forum (CC)

Uh-oh.  In case you haven’t been paying attention, there’s a rolling sh*tstorm breaking out across the pond related to the admitted gaming of LIBOR by big investment banks like Barclays.  You know LIBOR, right?  The rate referenced in practically every major financial contract since 1985.

I wonder how much of that $450 million will go to folks who got the short end of the stick on contracts paid out under a fradulently low LIBOR rate.

From Mark Scott at the NY Times:

LONDON – Barclays is quickly trying to stem the fallout from a rate-manipulation scandal, as its chief executive Robert E. Diamond Jr. [at right] abruptly resigned on Tuesday.

Less than a week ago, the big bank agreed to pay $450 million to settle accusations that it had tried to influence key interest rates for its own benefit, sparking a political firestorm in Britain.

Now, the scandal has claimed three casualties, including Mr.

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World’s Largest Christian TV Channel Emboiled In Fraud, Embezzlement, Sex Scandals

By on March 27, 2012 in News 15

imagesTo sum up, the network’s founders are accused of stealing millions of dollars which they spent on private jets, mansions, and covering up  sex scandals. The Guardian reports:

The California-based Trinity Broadcasting Network has become embroiled in a multimillion-dollar financial scandal after allegations of widespread embezzlement. The network, which claims to broadcast in every continent except the Antarctic and has 18,000 affiliates, was set up by Paul Crouch in the 1970s and preaches a “prosperity gospel” which promises material rewards to those who give generously.

The claims describe exorbitant spending on mansions in California, Tennessee and Florida, Paul Crouch obtaining a $50m luxury jet for his personal use through a “sham loan”, while church funds – many of which come from donations during its “Praise-a-thons” – paid for a $100,000 mobile home to house the dogs of Crouch’s flamboyant wife, Janice.

Directors of the network are also accused of misusing funds to cover up sex scandals, including the alleged “cover-up and destruction of evidence concerning a bloody sexual assault involving Trinity Broadcasting and affiliated Holy Land Experience employees; the cover-up of director Janice Crouch’s affair with a staff member at the Holy Land Experience; the cover-up of director Paul Crouch’s use of Trinity Broadcasting funds to pay for a legal settlement with Enoch Lonnie Ford (a former TBN employee who said he had a homosexual affair with [founder] Paul Crouch)”.

… Read the rest
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Rachel Maddow: Blank Votes Demonstrate Election Fraud In Maine Caucus

By on February 18, 2012 in News 37
Via the Chicago Tribune:
Mitt Romney has already had a caucus victory in Iowa undone. Could his win in Maine be next? On Saturday, the Maine Republican Party released the results of a presidential preference straw poll that had been conducted over several weeks at municipal caucuses. The party declared Romney the winner by 194 votes over Ron Paul. The result was immediately called into question by supporters of the Texas congressman, and for good reason -- not all the votes were counted. The tally was made public even though most towns in Washington County had yet to caucus -- their meetings were postponed because of snow -- and will instead be held this weekend. Furthermore, the results published by the Maine GOP had no votes recorded from another 200 cities and towns...
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Prosecuting Wall Street

By on December 5, 2011 in News 12
With a story about prosecuting Wall Street featured on the most mainstream of TV news shows, CBS's Sixty Minutes, might there finally be enough momentum for some banking executives go to jail? In this segment, two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. Reporter Steve Kroft questions why the companies and their executives haven't been prosecuted.
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Wyoming: The New Cayman Islands

By on July 10, 2011 in News 7

Cayman IslandsKelly Carr and Brian Grow recently reported in Yahoo Finance:

The secretive business havens of Cyprus and the Cayman Islands face a potent rival: Cheyenne, Wyoming.

At a single address in this sleepy city of 60,000 people, more than 2,000 companies are registered. The building, 2710 Thomes Avenue, isn’t a shimmering skyscraper filled with A-list corporations. It’s a 1,700-square-foot brick house with a manicured lawn, a few blocks from the State Capitol.

Neighbors say they see little activity there besides regular mail deliveries and a woman who steps outside for smoke breaks. Inside, however, the walls of the main room are covered floor to ceiling with numbered mailboxes labeled as corporate “suites.” A bulky copy machine sits in the kitchen. In the living room, a woman in a headset answers calls and sorts bushels of mail.

A Reuters investigation has found the house at 2710 Thomes Avenue serves as a little Cayman Island on the Great Plains.

… Read the rest
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Foghorn Leghorn Speaks On Matters in Wisconsin

By on June 13, 2011 in News 3

FoghornLeghornIs it possible to channel a fictional character? Specifically, the Southern-gentrified blowhard from the Warner Bro.’s 1960’s “Foghorn Leghorn” franchise? Based upon experiments performed over the weekend, I can report a firm and conclusive “yes”. But the ritual requires copious volumes of an obscure Sri Lankan stout called “Lion“. And Mr. Legohorn seems to have quite a bit to say about Wisconsin people and places . . . .

“The behavior on display before us in this instance constitutes a perfect SCANDAL in the eyes of our sacred parliamentary traditions. This method of proceeding cannot call to mind words any loftier or more noble than “poltroon” and “knave”. I understand that the accepted standards of comportment may not be all they could in some of the darker corners of the great state of Wisconsin, but I see no reason to drag them into the sacred halls of our legislature.”

—Regarding the extraordinary violation of Wisconsin’s open meetings law by which Republican majority leader “Big Fitz” Fitzgerald surreptitiously passed Gov.… Read the rest

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Why Don’t More People Care About Criminal Activity in Our Recent ‘Financial Crisis’? (Video)

By on May 24, 2011 in News 9
Other Guys CreditsIf I had to pick one issue that I think many more people should really, really be curious about, I'd say the backstory behind so-called recent "financial crisis", (which has been documented in such films as Inside Job, Capitalism: A Love Story and Plunder: The Crime of Our Time to name a few), is at the top of my list. Therefore, I was surprised when I saw at the end of the Will Ferrell and Mark Wahlberg comedy, The Other Guys, to find this "message" embedded in a mainstream entertainment film. As Gary Susman wrote on Moviefone's Blog:
The movie may be a silly farce about New York cops who stumble upon a Bernie Madoff-like Ponzi scheme that threatens to defraud billions from city workers. But buried in the comedy is a serious point about what really constitutes grand theft these days, a point illustrated over the closing credits by a PowerPoint-like presentation full of jazzy infographics and serious statistics outlining just how much Wall Street and corporate leaders have enriched themselves at the expense of American workers and taxpayers... It's a fascinating sequence, both from a design perspective and from the unlikely prospect of seeing a major corporation (in this case, Sony) release a mass-entertainment movie that also wants to educate moviegoers about the legalized wealth-grab that's benefiting major corporations...
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Los Angeles Man Who Created Fake U.S. Army Unit Arrested

By on April 14, 2011 in News 6

60873363 This takes elaborate ruses to new level. Californian Yupeng Deng used uniforms, IDs, basic training exercises, and military parades in a scam tricking Chinese immigrants into believing they had joined a “special forces reserve” of the U.S. military. The New York Times reports:

To the Chinese immigrants he recruited, Yupeng Deng was known as Supreme Commander. He offered them United States Army uniforms, conducted training exercises on Sundays, led marches in municipal parades and promised a path toward American citizenship.

The uniforms were real, but Mr. Deng’s U.S. Army/Military Special Forces Reserve unit was a sham, the authorities said.

On Wednesday, Mr. Deng, 51, was arraigned in Los Angeles County Court on 13 felony charges related to the fake military operation, which concentrated on Chinese immigrants, eager to become American citizens, in the San Gabriel Valley, east of Los Angeles.

More than 100 immigrants paid upwards of $300 to join the bogus unit, the authorities said, and $120 to renew their memberships each year.

… Read the rest
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