Abeel v. Bank of America Complaint | The Laundering of Trillions of Dollars of U.S. Taxpayer Money

Abeel v. Bank of America Complaint | The Laundering of Trillions of Dollars of U.S. Taxpayer Money

(copy of the complaint below)

In a lawsuit alleged to involve the largest money laundering network in United States history, Spire Law Group, LLP — on behalf of home owners across the Country — has filed a mass tort action in the Supreme Court of New York, County of Kings. Home owners across the country have sued every major bank servicer and their subsidiaries — formed in countries known as havens for money laundering such as the Cayman Islands, the Isle of Man, Luxembourg and Malaysia — alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole hundreds of millions of dollars of home owners’ money during the last decade and then laundered it through offshore companies. The complaint, Index No. 500827, was filed by Spire Law Group, LLP, and several of the Firm’s affiliates and partners across the United States.

Far from being ambiguous, this is a complaint that “names names.” Indeed, the lawsuit identifies specific companies and the offshore countries used in this enormous money laundering scheme. Federally Chartered Banks’ theft of money and their utilization of offshore tax haven subsidiaries represent potential FDIC violations, violations of New York law, and countless other legal wrongdoings under state and federal law.

“The laundering of trillions of dollars of U.S. taxpayer money — and the wrongful taking of the homes of those taxpayers — was known by the Administration and expressly supported by it. Evidence uncovered by the plaintiffs revealed that the Administration ignored its own agencies’ reports — and reports from the Department of Homeland Security — about this situation, dating as far back as 2010. Worse, the Administration purported to endorse a ‘national bank settlement’ without disclosing or having any public discourse whatsoever about the thousands of foreign tax havens now wholly owned by our nation’s banks. Fortunately, no home owner is bound to enter into this fraudulent bank settlement,” stated Eric J. Wittenberg of Columbus, Ohio — a noted trial lawyer, author and student of US history — on behalf of plaintiffs in the case.

The suing home owners reveal how deeply they were defrauded by bank and governmental corruption — and are suing for conversion, larceny, fraud, and for violations of other provisions of New York state law committed by these financial institutions and their offshore counterparts.

This lawsuit explains why loans were, in general, rarely modified after 2009. It explains why the entire bank crisis worsened, crippling the economy of the United States and stripping countless home owners of their piece of the American dream. It is indeed a fact that the Administration has spent far more money stopping bank investigations, than they have investigating them. When the Administration’s agencies (like the FDIC) blew the whistle, their reports were ignored.

The case is styled Abeel v. Bank of America, etc., et al. — and includes such entities as ML Banderia Cayman BRL Inc., ML Whitby Luxembourg S.A.R.L. and J.P Morgan Asset Management Luxembourg S.A. — as well as hundreds of other obscure offshore entities somehow “owned” by federally chartered banks and formed “under the nose” of the Administration and the FDIC.

Commenting further on the case, Mr. Wittenberg stated: “As if it is not bad enough that banks collect money and do not credit it to homeowners’ accounts, and as if it is not bad enough that those banks then foreclose when they know they do not have a legally enforceable interest in the realty, we now learn that they have been operating under unbridled free reign given by the Administration and some states’ Attorneys General in formulating this international money laundering network. Now that the light of day has been shined on it, I believe we can all rest assured that the beginning of the end of the bank crisis has arrived.”

All United States home owners may have the right to bring a lawsuit of this kind if they paid money to a national bank servicer during the years 2003 through 2009.

One lawyer impacted by the corruption — Mitchell J. Stein, who formerly represented the FDIC, the RTC and the FSLIC during the Savings and Loan scandal of the 1990s, and who predicted all of the foregoing in open court two years ago — commented: “Two years ago, I remarked in open court to a Los Angeles Superior Court Judge, as well as to legislators including Senator Dianne Feinstein’s office during a multitude of in-person meetings, that the ongoing violations of the Patriot Act by these financial institutions was outrageous and a breach of the public trust of unprecedented proportions,” said Stein.

“The size and scope of this misconduct — stretching to far-away islands never before having standing as approved United States Bank affiliates — is remarkable and emblematic of what we have seen,” he continued. “The bank crisis represents the height of corruption and brazen behavior where our historically trusted financial institutions have no qualms about breaking the law, because they have the Administration behind them. Banks do well enough when they operate lawfully without needing to be permitted to operate as criminal enterprises that steal money from United States citizens.”

Additional plaintiffs’ counsel Nicholas M. Moccia commented: “Having been in the trenches of the bank crisis for years, I always knew that the misconduct was being conducted by a network. When I started litigating against banks, however, I could have never imagined that it would be this extensive. I look forward to taking discovery of these thousands of obscure foreign entities and to obtaining for homeowners their constitutionally entitled injuries for this international ring of theft and deception.”

Comments were requested from the Attorney Generals’ offices in NY, CA, NV, and MA and the White House, but no comment was provided.

About Spire Law Group

Spire Law Group, LLP is a national law firm whose motto is “the public should be protected — at all costs — from corruption in whatever form it presents itself.” The Firm is comprised of lawyers nationally with more than 250-years of experience in a span of matters ranging from representing large corporations and wealthy individuals, to also representing the masses. The Firm is at the front lines litigating against government officials, banks, defunct loan pools, and now the very offshore entities where the corruption was enabled and perpetrated.

SOURCE: http://www.marketwatch.com

Copy of the complaint below…




Abeel v. Bank of America Complaint

7 Responses to “Abeel v. Bank of America Complaint | The Laundering of Trillions of Dollars of U.S. Taxpayer Money”
  1. LVLawman says:

    I will be surprised if most of this complaint survives a Motion To Dismiss. These are the kind of suits that give lawyers bad names. It casts a very large net against over a hundred defendants with any specifics on what overt acts each specific defendant has taken in furthurance of the conspiracy and specifically which defendant each overt act applied to in each count.

    What survives, or reappears in another try (amended complaint) will take many years of expensive discovery.

    Other than the servicers and syndicators of the MBS mortgages there is nothing specific to ty in the offshore entites and other subsidiaries.

    It would seem to me that the MBS Trusts named as defendants were victims, rather than perpetrators. In light of the fact that it appears that most mortgages were NOT transferred to the Trusts in accordance with the PSAs, they were never actual players and became used as unknowing shills in the game with the syndicators/servicers using their names without authority.

    It’ll be interesting to see where this goes initially and how much survives. I imagine it will take months before either a Motion To Dismiss or and Answer is forthcoming from the Defendants.

    This is much like dump and run in hockey. Dump the puck down the ice and see if you can catch up with it. Make a massive amount of conclusory allegations, hope to survive a Motion To Dismiss or Strike and then see what proof you can gather in discover over a couple of years.

    • proseway says:

      So, now the “fraud” is too big to fail? Whatever happens with this lawsuit, the lawyers who worked to put it together are at least trying to help. Unfortunately, that can’t be said for the thousands and thousands of lawyers who have turned their backs on people who need their help.

  2. Gene says:

    WHERE is this in the mainstream media… WHERE???

    • J. Alonzo says:

      They are busy talking about what Obama says about Obama care, or what Romney planes to do t get the recovery going, as if one really exist. They have all the sheeple busy with their lives and high as prices and candidate cares about abortion and gay marriage rights. All this while we the sheeple get Raped & Pillaged by the banks. CNN, Fox news are all controlled by the Democratic and Republican Neocons.

  3. Sal says:

    I just watched the movie ‘The Wall Street Conspiracy’, about counterfeit shares, money laundering, offshore accounts etc and the stock-market. Isn’t it logical that the mortgage fraud, the loan origination fraud, the counterfeit mortgage fraud, the PHANTOM mortgage fraud is what this is all about? The same mechanism as phantom stock counterfeiting and laundering of the funds offshore. Study the movie, and see if you don’t agree.

  4. Marie Long says:

    Thanks for nothing barry/barack..

  5. Ron Moss says:

    Don”t be knocking bankers lies. If Barry Soretoro can do it and get away with it why can’t the bankers?

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