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With Evergrand BK, Jamie can't ship smuggled drugs or human traffic any longer.
It's over for this banking Cartel
Any Gold or Silver from Barrick since 1997 there my hearties?
Barrick to THE BASEMENT of CANADAS HALL OF MINERS SHAME
The stole MINA PASCUA CHILE gigantic Gold Silver mine, for 10,000 pesos 20 bucks and surely they sell you their shares more expensive RIGHT? Berkshire Hathaway dumped 12 days after my legal info of Chilean Supreme Court validation of an action against Canadian regulators and Barrick FOR CLEAN TITLE (me only 1996-2022)
LAMA are glaciers and burro-guanaco-llamas pastures in Argentina no minerals, just a sinister tunnel to escape TAXES only politicians were bribed
Did Villar transaction PROPSPER FOR ABX? Not, not then nor today
It was and is unconstitutional act of piracy and thievery, of your cash too.
The sale of VILLAR is null and void by the sole Judgment of 2006 respected by the Mines Commissioner 2011 based on THE BOOKS of the Mines Registrar not in FOOLISH PAID FOR Letters of opinion or AFFIDAVITS which are nit and shall never be CLEAN TITLE, like mine.
The BC regulators with and for the TSX are caught USD$1.05 in Chile !!! They hired a lawyer O $$$ A and the liar was AN IMPOSTORS today confessed impostor and THE PASCUA LAMA PONZI shows that SILVER WEHATON as WPM has the same DEAD END Pascua Lama PONZI scam 2008-2022 stealing all the cash FROM YOU !!!!!!!!!!!!
O $$$ A is NOW halted from escaping from the 18th Civil Court, for he said that such case to BURY TESOROS after their 2006 ordered death, "was frivolous going nowhere and was dismissed 2018"????? The 2018-2019-2020 runaway came back in style to Trail C 3784 -2016 at he 18th Civil Court of Santiago to adhere to the FUNERAL of ABX MWR and MSX regulators ambitions with SLW now WPM TSX OSC your chaistee
VALODATED PASCUA LAMA ponzi for US$3 per Silver ounce.
The only valid ownership of BARRICK GOLD CORPORATION in Chile for the Canadian Government and establishment plus racketeering regulators PREDATORS of innocent shareholders is their FOREIGN INVESTMENT contracted ownership of 0.000001% of Pascua for USD 1.05 - well known to MSX local regulators - in crimes v. MWR and MSX
Here is for all to see: It was not me who killed the MR SKUNK sheriff it was his own guilt. But yes I have caught all of his deputies "with the hands in the cookie jar"
BARRICK GOLD CORPORATION 2007/17 GOLD FRAUD
CONTRACTED CHILE ASSETS INVESTMENT = USD$1.05
CONTRACTED CHILE ASSETS OWNERSHIP = 0.000001%
https://pascuachile.wixsite.com/mysite-
JPM could not avert BARRICK becoming the next BRE X Pascua Lama Silver and Gold fraud of ABX with WPM caught and criminally enforced in Chile and Canada
Run for cover!!!!!
BARRICK and WPM must face criminal impersonation of ownership of Gold and Silver at Pascua Lama. Its regulators defrauded MWR at TSX and MSX
Barrick owns LAMA which are GUANACO PASTURES in Argentina, the Chilean Gold and Silver is mine 1996-2022 and Barrick via its crime corporation CMN SpA trading as ABX and WPM is a criminal racket of invented titles.
The MSX regulators hired an impostor of the 2018 Hearing, they are all charged civil and criminally.
PASCUA LAMA is a PONZI of major proportions the death of BARRICK SILVER WHEATON and many tied to the disaster of crime.
Bre X committed less Gold crimes than Barrick
YES, I asked BERKSHITRE TO SUMP ABX and they did divest in 12 days after seeing my evidence.
TOLDA YA !!1 ciao Barrick you belong to the CANADIAN HALL OF SHAME .with SILVER WHEATON _ WPM et al. criminal fraudsters
Barrick never owned MINA PASCUA or PASCUA LAMA and sold LAMA to Chinese interests in fraud, promising PASCUA that was never BARRICK asset.
NON of the Pascua Lama NI43101 mining assets has been ever permitted to sell Gold or Silver or Copper forward by SERNAGEOMIN Barrick is the largest Gold and Silver scam a PONZI of worldwide financial markets.
Barrick and WPM leading metals markets and financial markets fraud 2022
Junk notes are worthless. JPM is desperate.
Interesting, We are back to a gold standard currency right now since April 4, 2022 and most don't even realize it.
The Federal Reserve Bank is a private foreign entity and BK. It has been since last April. Everything you see on TV and Wall Street about interest rates is all bull shit because the Fed is gone. MSM doesn't want to push panic because multiple banks, Including JPM are set to crash when everything is exposed. All Central banks will fall.
Corrupt Companies and evil central banks are about to take a beating like never before. The people shall control the stocks with a Peoples Stock Market.
A food shortage is happening but not what one would expect. Supply chains are being reestablished and all Monsanto GMO food is being removed and replaced with Whole Food manufacturing, processing, productions and distributions. Be on the right side of all commodities and make a fortune when it all comes apart.
Junk Notes are garbage! Caveat Emptor!
JPM could not avert BARRICK becoming the next BRE X Pascua Lama Silver and Gold fraud of ABX with WPM caught and criminally enforced in Chile and Canada
Run for cover!!!!!
BARRICK and WPM must face criminal impersonation of ownership of Gold and Silver at Pascua Lama. Its regulators defrauded MWR at TSX and MSX
Barrick owns LAMA which are GUANACO PASTURES in Argentina, the Chilean Gold and Silver is mine 1996-2022 and Barrick via its crime corporation CMN SpA trading as ABX and WPM is a criminal racket of invented titles.
The MSX regulators hired an impostor of the 2018 Hearing, they are all charged civil and criminally.
PASCUA LAMA is a PONZI of major proportions the death of BARRICK SILVER WHEATON and many tied to the disaster of crime.
Bre X committed less Gold crimes than Barrick
YES, I asked BERKSHITRE TO SUMP ABX and they did divest in 12 days after seeing my evidence.
TOLDA YA !!1 ciao Barrick you belong to the CANADIAN HALL OF SHAME .with SILVER WHEATON _ WPM et al. criminal fraudsters
Barrick never owned MINA PASCUA or PASCUA LAMA and sold LAMA to Chinese interests in fraud, promising PASCUA that was never BARRICK asset.
NON of the Pascua Lama NI43101 mining assets has been ever permitted to sell Gold or Silver or Copper forward by SERNAGEOMIN Barrick is the largest Gold and Silver scam a PONZI of worldwide financial markets.
Barrick and WPM leading metals markets and financial markets fraud 2022
Please don’t Fail to mention that they ran Ponzi schemes on the gold and silver which is going to bite them in the ass and JP Morgan is going to go down eventually they’re Ponzi schemes can’t last forever
Grandparents have owned stock in JPM for decades.
JP Morgan investment has it as large landowner in both Ukraine and Russia in the wheat and agricultural commodities markets.
Who Owns Agricultural Land in Ukraine?
The Oakland Institute reported that over 1.6 million hectares (ha) of land in Ukraine are now under the control of foreign-based corporations.
The companies and shareholders behind foreign land acquisitions in Ukraine and Russia span many different parts of the world. The Danish "Trigon Agri," for example, holds over 52,000 ha. Trigon was established in 2006 using start-up capital from Finnish "high net worth individuals
The company is traded in Stockholm (NASDAQ), and its largest shareholders in JPM Chase (UK, 9.5 percent); Swedbank (Sweden, 9.4 percent); UB Securities (Finland, 7.9 percent); Euroclear Bank (Belgium, 6.6 percent); and JP Morgan Clearing Corp (USA, 6.2 percent).
In January 2016 the Group announced the partial disposal of the stake in Trigon Dairy Farming Estonia (TDFE). The transaction completed involved selling 10.74% in TDFE. Following the transaction Trigon Agri retains an ownership stake of 39.24% in TDFE. The shares were acquired by Ingman Development Oy Ab. The use of cryptocurrency in the transaction of agricultural commodities can significantly reduce transaction costs. Since crypto robots like *****prime bitcoin****can help you trade bitcoins and let you make high profits with low risk, you can reduce transaction costs easily. This will greatly help the farmers.
2015
https://www.trigonagri.com/about/
Prime Bitcoin used in Forex scams
It’s also worth pointing out that our Bitcoin Prime review was prompted by complaints which we received. These complaints can be classified into two types. The first has to do with the fact that there is no software at all, and the second type has to do with inability to withdraw existing funds. In other words, the Bitcoin Prime scam is another get-rich-quick scheme which is promoted just like other systems. To explain, the affiliate networks and media agencies are responsible for attracting paying clients, and the brokers which receive them pay the promoters referral fees. This type of compensation method is usually referred to as a revenue share model, and it is widely used in the Forex and gambling niches.
When we registered to conduct our £250 deposit test, the broker which was assigned to us was called “online trading”, and it has a registered business address in St Vincent and the Grenadines (shady legal jurisdiction). This broker is unlicensed to provide ancillary services and administer financial portfolios on behalf of clients. We have decided to expose this latest sham as well as the crooks behind it by providing viable proof of scam which leaves no room for misinterpretation or misunderstanding of the facts. So before you risk your hard-earned money and invest with Bitcoin Prime, we recommend you check out our independent Bitcoin Prime review.
Official Website, Login Page, and Members Area: There are over 13 documented Bitcoin Prime websites, and they all claim to be the “official” one.
Scam Evidence – There Is A Lot!?Below you can see a screenshot of the Bitcoin Prime main registration area. Please take a look at the sales video and the section where it says “in the past 90 days…”. We would also like you to read the section where it says “ride the wave of Bitcoin and Earn a Guaranteed £13,000 in Exactly 24 Hours”.
Bitcoin Prime Copied Scam
And here is the famous Steve McKay. The scammers didn’t bother switching the persona who is supposed to be behind the scheme, and left it exactly the way it is. Suffice it to say, McKay is not a real person and scammers are using this made-up identity to promote a fraudulent trading software because they believe it will make the story seem more
Bitcoin Prime Steve McKay
We have added a side-by-side image for comparative purposes so you can see exactly how the scammers are operating. They just switched the text, logo, and voila. A new auto-trader is ready to go!
Bitcoin Prime Fake Testimonials?Alright so here we have the Bitcoin Prime testimonial section. Its very simple to see that none of these testimonials are genuine. This whole section has been ripped off and plastered “as is”. This is also very clear to see in the image below.
Bitcoin Prime Fake Testimonials
And here we have the famous banjoman15 who will say pretty much anything for a measly £5. This time hi is saying that he “made an incredible amount of money in just 24 hours”. The same is true for the rest of the video testimonials, you will have to take our word for it.
Bitcoin Prime Tesla and Elon Musk
How To Report An Ad To Google ?Google has very strict guidelines about what is allowed or not when it comes to advertising. If you see an advertisement which you believe is intentionally misleading viewers, you can state your case and report the ad. Google will actually check your complaint and as long as it is legitimate will provide you with an answer. Still, in many cases complaints are rejected due to various legal or administrative reasons, so make sure to present your arguments very clearly and provide valid examples which back up your claims.
If you have seen a fake or deceptive Bitcoin Prime advertisement on Facebook (AKA Meta), simply mark it as spam or just completely ignore it. If you feel you want to take it a step further you can submit a formal complaint through your profile.
Bitcoin Prime Fake Celebrity Endorsements
We have just received confirmation that there is another Bitcoin Prime marketing campaign which is using Elon Musk, CEO of Tesla and SpaceX for promotional purposes. Our research staff managed to obtain a screenshot of the fake news article in Dutch from one of the victims who complained (see below).
As you can see, the con artists are trying to sell you the idea that Tesla is launching a new platform which is called “Bitcoin Prime”. They are saying that this trading software which was developed by Elon Musk “aims to help families become wealthier”. Of course, these are just more lies so please make sure to avoid clicking on the links inside these advertisements since we have heard that these links are spammy and infected with malware.
Bitcoin Prime: An Assortment of Fake News Clippings 2022
We have even taken it a step further and collected an assortment of fake news articles from across the world. All of these fake news advertisements are associated with Bitcoin Prime. Here you can see a bogus El Pais article which tries to convince potential victims that Santiago Abascal, a well-known Spanish politician is using this fake robot to generate money.
There are also fake Bitcoin Prime advertisements featuring on aftonbladet, which is one of the biggest Swedish tabloid newspapers with a huge presence in the Nordic countries. We were informed of this latest development by one of our members who felt something “wasn’t right” about how the article looked.
There is also a fake news website in France and Belgium (La Presse), and more recently South Africa entering the scene with fresh new articles about Cyril Ramaphosa and how he is “making millions” using Bitcoin Prime. We have also received reports about fake ads featuring Norwegian Billionaire Olav Thon and his new “money making project”.
Bitcoin Prime on Social Media?Besides the usual BBC articles targeting British nationals, we are also seeing a spike in fake advertisements and postings on social media. Twitter and Reddit are at the top of the list, but there are also other culprits such as LinkedIn which have traditionally kept their distance from these types of schemes but are getting their hands dirty as well these days.
Bitcoin Prime: How The Scammers Promote Their Fake Websites
Now, this would be perfectly legitimate if the service they are promoting actually delivered on its promise making $13,000 daily, but as we know this is far from being true.
Who Is Steve Mckay? Is He For Real Or Not?
Steve McKay is marketed as “the genius behind” Bitcoin Prime. According to the story, he developed a trading software for a big firm which generated tons of money for his company’s rich clients. So he decided to take it for himself and now he is offering it to a few beta testers who wish to take advantage of this opportunity before its too late. In reality these are all lies designed to make the service seem more credible. Some websites say McKay is a scammer, but that is nonsense because he is a completely fictional character which does not even exist.
What Is Bitcoin Prime And How Does It Work?
Bitcoin Prime is advertised as an automated trading software which enables you to make a “guaranteed” sum of £13,000 during your first 24 hours of trading. The software is supposed to use some type of algorithms which trade on auto-pilot. These are all lies as we have already proven.
Bitcoin Prime Scam Signals?There are no signals or any kind of trading dashboard. This is a simple and direct registration to the broker CRM through an REST API integration. We tried through multiple Bitcoin Prime websites (there are now over 6 that claim to be the official ones), and not even one offered any kind of dashboard or for that matter anything that even resembles a signals setup.
Bitcoin Prime Review, It’s A Scam – Period!
The Bitcoin Prime scam sales video is antiquated and based on the old binary options version and “hard sell” approach. This makes total sense since Bitcoin Code was launched when Binary Options were on the decline and Bitcoin started to take off. So, to make a long story short the scammers who are using Bitcoin Prime have designed a logo which looks like a very common household brand that offers an Internet video on demand service.
This is done in order to throw your scent off and create something anyone could grasp intuitively and relate to. But this is a farce and destined to fail since there is absolutely nothing in common with that service and the fraudulent software which is being peddled here by thieving con artists.
Bitcoin Prime Regulator Warnings: Updated 2022
If you are located in the European Union, you should be aware that the FSMA in Belgium, AFM in the Netherlands, as well as ConSob in Italy have blacklisted Bitcoin Prime and have branded it as an “investment fraud“. We have added a screenshot of these warnings for you above as a point of reference and are expecting additional warnings from the ASIC in Australia, the FMA in New Zealand, CMNV in Spain, and CSA in Canada.
Bitcoin Prime Tax-Related Questions?We constantly receive questions about how much taxes have to be paid after cashing out all this money. The answer is simple. You will not have to pay any taxes because you will have no income to declare. The ones who need to pay the taxes are the offshore brokers who are stealing your money, but don’t worry about them. They have their lawyers and accountants who help them launder their money.
Bitcoin Prime Bonus Packages ?We have received information that bonuses are being offered to individuals registering for Bitcoin Prime. We highly recommend you avoid accepting any types of perks or rewards which may inflate your account and carry massive trading requirements. If anyone offers you a bonus simply refuse to even talk about it and continue trading responsibly.
We were recently informed that at in at least one case a bonus of €1,000 was added to a trader’s account which had a substantial balance. This bonus was never requested and it suddenly appeared out of nowhere. When the victim tried to have this bonus removed from his account he was not able to receive any response. Of course, when he tried to withdraw the money he was informed via email that he has trading requirements that were not met and his withdrawal request was declined.
Is It Free??Absolutely not. It will cost at least $/€/£250 to get started, and that money will be charged to your credit card by the thieving broker which has been allocated to you.
Trending Viral Scams?The one we have received the most complaints complaints about is Immediate Edge. However, there are others as you may very well guess.
What Are CFD’s Compared To Forex??CFD’s or contracts for difference are in effect derivatives which can be purchased or sold based on an underlying asset. As opposed to Forex where you can only trade currency pairs such as BTCUSD, CFD’s allow you to trade indices, stock, commodities and even bonds.
Tested Systems That Work?Our staff constantly surveys the market and checks new systems which are launched. Once we find a system that has potential we test it. If it generates consistent profits we add it to our recommended section. So feel free to check it out.
Bitcoin Prime Review, Summary, and Obvious Conclusions?The Bitcoin Prime scam software and fake automated trading app is rightfully blacklisted in our detailed review and investigation. This is obviously a cheap imitation and clone of the old Bitcoin Code scam as we have already proven. Sadly, we have proven that there are no indicators, special strategies, or secret methods that will transform you into a wealthy person overnight. If you feel differently or alternatively would like to voice a different opinion in regards to this farcical piece of trash, we encourage you to contact us via our contact page or through our social media.
Disclaimer
All tied into technicals if traders knew the truth coming they wouldn't touch any stock.
Can someone please help de-schedule cannabis from a schedule-1 drug so that the DEA will acknowledge it to have medical value so that insurance companies can help patients afford the cost similar to picking up a prescription at a pharmacy?
Thank you.
$JPM Notes offering are JUNK! Buyer Beware!
Sad but true. I watch this Bank and the others and the manipulation they get away with is totally disgusting! Where are the regulations, what the hell keeps happening to Basel 3? The manipulation of Silver is imo what might get them in the end. That is if the Authorities finally decide to do their job and start making the fines actually hurt.
I don't even know how Morgan other than name but this cyborg seems to know really well and surprised myself that they are running a secret bank stress test so far they seem to be failing from what I'm hearing but I'm sure it's all then not just jp
And yeah in February or spring the penny stocks will go up but I got cyborged and am getting arrested for spilling truth about cyborgs and the club is putting me in real real jail and cyborging my judge so I can't trade next month might face a year in jail but the club fucked up when they wanted to war with planets bigger than there's singularity incoming.
What's up jp Jamie get the gold bar up his anus with time travel cyborging nanorobot war? Good thing we can roll back if banks fail stress test :) I heard aliens are upset something fucked up the planet cores.
Short selling banks about to be really hammered. The crooked manipulation of value stocks is what will destroy them in the end and drive them out of business. Margin calls must be tendered in gold or physical assets like property. The Market Crash, Crash of 2022 will be the banks holding the bags on crypto while short selling the markets till they short sell themselves to death.
Drug and child trafficking bank JPMorgan will not only crash, but many will also be arrested and trading halted with many others. Stay away from bank stocks and crypto as that will be their downfall.
Feb. predicted to be suicide month in the financial sector and the worst financial crisis and banking crash yet.
Caveat Emptor!
MASSIVE CRASH IS COMING... POS JPM GOING BACK TO $80!!!!!!!!
$JPM Criminal Short Selling Hedge Funds reached precipice. Investors have had enough white collar crime from JP Morgan and are demanding results. Fines were ignored as the final warning of their criminal behavior. Now it's prison since the banks continue with their crimes.
JP Morgan bankers will now pay dearly for their crimes.
https://www.aljazeera.com/economy/2021/12/10/us-launches-criminal-probe-into-short-selling-by-hedge-funds
More junk notes being issued. Read the fine-print. Worthless
Someone Is Buying Up Power Plants and Critical Infrastructure in 22 Countries. The Trail Leads to JPMorgan – a Bank Repeatedly Charged with Rigging Markets
By Pam Martens and Russ Martens: July 15, 2021
According to the Merger and Acquisition database at PitchBook, entities tied to JPMorgan Asset Management have been buying up energy and infrastructure assets around the world including solar power plants, wind farms, airports, water companies and the 120-year old El Paso Electric which provides electricity to approximately 437,000 retail and wholesale customers in west Texas and southern New Mexico.
The acquisitions can be traced back to an entity called the Infrastructure Investments Fund (IIF). When IIF is seeking regulatory approval, as in the case of buying El Paso Electric, it contends it is not controlled by JPMorgan. But when JPMorgan is pitching the fund to institutional investors around the globe, the bank points out that 50 of the bank’s employees are actively engaged in the fund – along with “70 independent portfolio company directors.”
The brochures (flipbooks) for IIF are marked “Strictly Private/Confidential” but one dated 2019 used to pitch California’s Mendocino County Employees Retirement Association and another from 2020 that was used to pitch a pension fund in the U.K., are available for anyone to read on the Internet.
The 2019 flipbook states that IIF was founded in 2006 and “grew out of the JPMorgan Real Estate Group.” At that time, according to the flipbook, IIF included $6.1 billion in 15 portfolio companies in 15 countries. The 2020 flipbook states that IIF has 17 portfolio companies in 22 countries with a net asset value of $12.4 billion.
The 2019 flipbook also shows that foreign investors owned 73 percent of the fund. Foreign ownership interest became a problem in 2019 when the U.S. Nuclear Regulatory Commission (NRC) had to approve IIF’s purchase of El Paso Electric, which owned part of the Palo Verde nuclear power plant in Arizona. Under federal law, nuclear power plants are to remain under the control of U.S. entities. The NRC approved the El Paso deal despite the foreign ownership interests.
According to IIF’s flipbook, companies in which IIF held a 100 percent control include Värmevärden, a heating company based in central Sweden; Summit Utilities, which owns natural gas distribution and transmission subsidiaries that operate in Arkansas, Colorado, Maine, Missouri and Oklahoma; SouthWest Water Company, which owns and operates regulated water and wastewater systems serving over half a million residential and business customers in Alabama, California, Florida, Oregon, South Carolina, and Texas. According to PitchBook, a subsidiary of SouthWest Water Company, via JPMorgan Asset Management, last year acquired the South Carolina wastewater utility operations of Ni Pacolet Milliken Utilities (Ni) from Pacolet Milliken, LLC. Ni owns regulated wastewater and water utility companies serving customers in South Carolina and Florida. Ni’s holdings include Palmetto Utilities, Palmetto Wastewater Reclamation, and Ni Florida.
IIF’s 2020 flipbook for investors brags about the monopolistic aspects of its portfolio companies, writing that: “Essential services that often operate on a monopolistic basis either by regulatory structure or long-term contract, which drives visibility into strong EBITDA [earnings before interest, taxes, depreciation, and amortization] margins & cash yield.”
IIF also has 66.1 percent control of North Queensland Airports (NQA) in Australia, which currently owns and operates Cairns and Mackay Airports, which service approximately five million passengers each year. IIF also owns Nieuport Aviation which owns and operates the Billy Bishop Airport in Toronto, Canada, which services 2.8 million passengers according to its website.
IIF’s 2020 flipbook says that it has control of 100 percent of the power being generated by Sonnedix Power Holdings, which owns solar plants, and Ventient Energy, a portfolio of wind farms.
The Sonnedix website indicates that it “currently has over 300 power plants in operation, construction or the initial stages of planning in 8 countries.”
On April 1 of this year, elEconomista reported the following regarding Sonnedix:
“Sonnedix, the renewable arm of JP Morgan’s institutional investors, has just closed the acquisition of a 5.1MW solar photovoltaic portfolio from Diversis Energía and the Enerpal Group.
“The portfolio is made up of two photovoltaic plants on land, located in Spain. Both facilities are remunerated under the Spanish regulatory regime and have been in operation since 2008 and 2006 respectively.
“Sonnedix currently has 4GW of total capacity controlled through eight countries. In Spain, the company has 138 projects in operation, with a total capacity of 361MW.”
In 2016, Reuters reported that JPMorgan Asset Management, not IIF, “has acquired nearly all of solar power developer Sonnedix Group.”
IIF’s purchase of Ventient Energy is raising eyebrows in Europe. According to Ventient Energy’s website, it “currently owns and operates onshore wind farms in Belgium, France, Germany, Portugal, Spain, and the UK, with a total installed capacity of 2.5GW.”
In November of last year, The National newspaper in Scotland reported that Ventient “has come under attack for allegedly avoiding millions of pounds of tax by being owned in the Cayman Islands.”
The newspaper described Ventient’s corporate structure as being “a subsidiary of a company registered in Luxembourg. That company is in turn owned by a firm in the Caymans…” noting further that “Luxembourg and the Caymans are both legally used as tax havens to help reduce the amount of money companies have to pay to governments – and to keep finances secret.”
While federal regulators are looking the other way at these deals, the job of blowing the whistle, as usual, is left to a nonprofit watchdog. Tyson Slocum, Energy Program Director at the public interest group, Public Citizen, filed a complaint last August with FERC. The complaint makes the following charges:
“J.P. Morgan Chase & Co. created IIF as an off-the-books private equity division one year after committing to the Federal Reserve that it would not ‘acquire or operate’ power plants. Prior to J.P. Morgan creating IIF in 2006, J.P. Morgan submitted a Notice to the Board of Governors of the Federal Reserve System on July 21, 2005, where J.P. Morgan explicitly pledged to the Board of Governors of the Federal Reserve that: ‘JPM Chase commits to the Board that it will not acquire or operate facilities in the United States for the extraction, transportation, storage or distribution of commodities.’
“One year after making this pledge to the Federal Reserve, J.P. Morgan Chase & Co. created a new lightly-regulated private equity arm of the bank’s asset management division and legally called it J.P. Morgan IIF.”
Public Citizen’s complaint notes further:
“…J.P. Morgan designed IIF’s weak corporate controls to maximize the bank’s ability to direct and manage all of IIF’s operations and investments. To deflect regulator’s curiosity of upstream control by J.P. Morgan, the bank designed a false ‘ownership’ structure consisting of three term-limited individuals who, in turn, delegate all day-to-day authorities to J.P. Morgan Chase & Co. IIF has previously acknowledged that J.P. Morgan Chase & Co. nominated current IIF ‘owners,’ and can influence the selection of new ‘owners.’
“IIF’s delegation of day-to-day authorities to J.P. Morgan extends to ensuring that J.P. Morgan executives serve on all of the board of directors of companies under the control of IIF.”
The reason that every American should be just as hopping mad as Public Citizen is that JPMorgan Chase has a serial history of rigging the markets in which it operates. Allowing a bank to exert control over critical infrastructure that has admitted to five criminal felony charges since 2014 – while its Board kept the same Chairman and CEO, Jamie Dimon, at the helm – is abject regulatory negligence.
In 2013 a unit of JPMorgan Chase was forced to pay $410 million in fines and restitution by FERC for ripping off electric utility customers in California and the Midwest. According to FERC, the JPMorgan energy unit was charging customers “as much as 80 times the prevailing power prices at certain hours of the day.” (See our report: The Missing Pieces in the Criminal Probe of JPMorgan’s Energy Trading.)
On May 20, 2015, JPMorgan Chase pleaded guilty to one criminal count brought by the U.S. Department of Justice for its role with other banks in rigging the foreign exchange market. The bank agreed to a fine of $550 million.
Four years later, on May 16, 2019, JPMorgan Chase settled charges for 228.8 million Euros with the European Commission over rigging the foreign exchange market.
Just last year, on September 29, 2020, the U.S. Department of Justice brought two counts of wire fraud against JPMorgan Chase involving “tens of thousands of episodes of unlawful trading” in the markets for precious metals futures contracts, and the second felony charge for “thousands of episodes of unlawful trading in the markets for U.S. Treasury futures contracts and in the secondary (cash) market for U.S. Treasury notes and bonds.” The bank admitted to the charges and agreed to pay $920 million in fines and restitution to various regulators.
In President Biden’s July 9, 2021 Executive Order warning federal agencies to start enforcing laws against excessive market concentration, he also mandated that federal regulators should “ensure that actors engaged in unlawful activities do not distort the proper functioning of the competitive process or obtain an unfair advantage over competitors who follow the law.”
But when it comes to JPMorgan Chase, the largest bank in the United States, that is precisely what federal agencies have allowed to happen. By not yanking JPMorgan Chase’s banking charter, by not breaking up the bank, by not forcing the removal of its serial crime chief, Jamie Dimon, federal regulators have allowed this behemoth to “obtain an unfair advantage over competitors who follow the law.”
If you have any doubt about that, just study JPMorgan Chase’s rap sheet since 2011.
https://wallstreetonparade.com/2021/07/someone-is-buying-up-power-plants-and-critical-infrastructure-in-22-countries-the-trail-leads-to-jpmorgan-a-bank-repeatedly-charged-with-rigging-markets/
Here Come Wall Street Rental Communities: What Could Possibly Go Wrong?
By Pam Martens and Russ Martens: June 24, 2021 ~
If you’ve been following our reporting of JPMorgan Chase since Chairman and CEO Jamie Dimon has been at the helm, you’re aware of one striking fact: this bank has a pattern of getting into bed with unsavory characters: Bernie Madoff, check. Racketeering traders, check. A sex trafficker of children, Jeffrey Epstein, check. Money launderers, check. The guy who bragged on his resume that he knew how to game electric markets, check.
Despite an unprecedented record of five felony counts from the U.S. Department of Justice since 2014, to which it admitted guilt, and the reputational damage this has done to its brand, JPMorgan Chase’s asset management unit made the unusual decision last year to form a joint venture with an SFR (Single-Family Rental company) whose tenant complaints are so eye-popping that they fill pages on the internet and have been the focus of television and magazine reporting.
The SFR company is American Homes 4 Rent. It is not just buying up homes from distressed homeowners as Wall Street vultures did after the 2008 financial crash. According to a press release on May 4, the joint venture with JPMorgan Asset Management was engaged in its “sixth and seventh newly built single-family rental home communities….”
The two communities announced on May 4 were Brentwood in Mooresville, North Carolina and Westbrook Lake in Cumming, Georgia. Brentwood was to become a rental community of 234 homes while Westbrook Lake would be a smaller, 95-home community.
When the joint-venture was first announced in May of 2020, the parties said they had closed a month earlier on single-family home communities consisting of 34 homes “in the Sovana and Spring Valley areas of Las Vegas.”
The plan, according to the press release in May of last year, was for the joint venture “to deploy $625 million of equity and develop approximately 2,500 purpose built single-family rental homes across multiple high-growth markets in the West and Southeast.”
American Homes 4 Rent is a publicly-traded REIT (Real Estate Investment Trust) that is traded on the New York Stock Exchange. Its 10-K (Annual Report) filing with the Securities and Exchange Commission indicated that as of March 31, 2021 it owned 53,984 single-family properties in 22 states.
That same SEC filing also indicated that the Georgia Attorney General’s office was investigating the company regarding landlord-tenant matters.
Less than two years ago American Homes 4 Rent landed on a local CBS news program over allegations of tenant abuses. The news reporter, Harry Samler, displayed a screenshot of a Better Business Bureau profile of American Homes 4 Rent. It showed that the BBB had received 716 complaints over the prior 3 years and 289 complaints over the last 12 months. The BBB had affixed a warning above the company’s name, reading: “Pattern of Complaints.”
We looked at the current BBB web page for American Homes 4 Rent. It shows 786 complaints. Yelp also has 15 pages of complaints against the company.
One frequent complaint against American Homes 4 Rent is that tenants can wait days for an air conditioning repair. Since many of the rental homes are in the southeast, that’s a serious problem in the summer. Tenants have complained online that their homes have reached over 90 degrees.
This air conditioning problem was also buttressed in an article in The Atlantic magazine in February of 2019. Author Alana Semuels writes as follows:
“The air-conditioning in Jennifer Callahan’s Florida home was wired incorrectly; when she complained that it was unsafe for her four-month-old baby to be in the house, where temperatures could reach 100 degrees, the American Homes 4 Rent office told her she was a ‘drama queen’ and did not send someone to repair it for a week and a half, she told me. American Homes 4 Rent did not return multiple requests for comment.”
Another frequent complaint is that American Homes 4 Rent invents fictional damage done by the tenant in order to not return their security deposit when the tenant moves out. One Yelp poster broke down the charges like this:
“The vinyl flooring (we were charged $1512 for) in the bathrooms and kitchen that were already pulling up and needed to be replaced before we even moved in. You can see the damages in the original photos from before move-in. Even on the itemized list it states flooring needs ‘Replacement’ but nothing about damages. Power washing ($125) that the maintenance already came out and did. Trim Trees ($300) that were not overgrown. Mulch shrub bed ($88) that were not mulched when we arrived. Replacing an outside GFCI plug ($40) that we never used and had no idea needed repair. Removal of bee nest ($45) that was made after we moved out as there were no bee nests on property when we vacated. Replacement of Zone controller ($190) which we never used as we were told the sprinklers did not work when we moved in. Rust on a pipe ($25) that sits outside. Pest service ($75) with no explanation other than one blurry picture of what appears to be one dead house fly on a windowsill. Dishwasher service ($75) which was not leaking or damaged when we left. Replacement of weather stripping in door ($25) which was chewed up from a previous resident’s pet as the damage is clearly from an animal and we do not even have a pet. Rebuild toilet ($30) which we reported to maintenance and they even came out to fix it not once, but twice while we lived in the house. Sliding Door Lock ($20) which was broken when we moved in, and the door was ‘locked’ with a wooden 2×4 in the sliding track. We did not place the 2×4 in the door so the property manager must have known about this issue before we moved in.”
The Atlantic magazine article suggested these charges might be a profit formula cooked up at American Homes 4 Rent. Author Semuels writes:
“Tenants also say that rather than taking advantage of economies of scale, the rental companies are taking advantage of their clients, pumping them for fines and fees at every turn. This impression is backed up by the financial reports of the companies themselves. American Homes 4 Rent increased the amount of money it collected from ‘tenant charge-backs’ (essentially billing tenants for repairs after they move out) by more than 1000 percent between 2014 and 2018, according to company earnings reports, though it only grew the number of homes it owned by 70 percent over that period.”
We reached out to the media relations office of JPMorgan Chase asking if they vetted the background of American Homes 4 Rent before they embarked on this joint venture. We did not hear back.
JPMorgan Chase is not the only Wall Street behemoth getting into the single family home rental business. The Wall Street Journal reported on Tuesday that Blackstone Group “has reached a deal to acquire Home Partners of America Inc., which owns more than 17,000 houses throughout the U.S.” The Journal reports that Home Partners of America “buys homes, rents them out and offers its tenants the chance to eventually buy.”
Blackstone is well-remembered by neighborhoods in the south in the aftermath of the Wall Street crash of 2008. It bought up tens of thousands of foreclosed homes at distressed prices and then rented them to struggling families through a company it formed called Invitation Homes. Blackstone sold its remaining shares in Invitation Homes in 2019.
https://wallstreetonparade.com/2021/06/here-come-wall-street-rental-communities-what-could-possibly-go-wrong/
JPMorgan faces oil bribery probe in Brazil
RIO DE JANEIRO, Sept 22 (Reuters) - Brazilian authorities are investigating whether JPMorgan Chase & Co (JPM.N) played a role in an alleged bribery and money laundering scheme that dated back to 2011 and involved state-run oil company Petrobras, according to documents reviewed by Reuters and two law enforcement sources.
So far, police have focused their attention on purchases of roughly 300,000 barrels of Petrobras fuel oil by JPMorgan in 2011 according to the court documents and sources, who requested anonymity to discuss an ongoing investigation.
The documents, which were seen by Reuters, include email messages among alleged co-conspirators, witness testimony and bank records. The authorities are working to determine if the alleged bribery continued in subsequent years, the sources added.
The court documents viewed by Reuters include witness testimony from a former Petrobras fuel trader named Rodrigo Berkowitz. In his plea bargain agreement with Brazilian authorities, he refers to two fuel cargoes that were sold to a JPMorgan unit.
The probe, which is in preliminary stages, is part of a larger investigation by Brazilian authorities who have been examining wrongdoing across the commodity trading industry for years. As one of the world's largest banks, JPMorgan would represent the biggest target yet in the investigation.
The country's federal police are working to determine if JPMorgan secured shipments of Petrobras fuel at artificially low prices by routing bribe payments to employees on Petrobras’ trading desk though a network of middlemen, according to the people and documents that relate to the investigation.
Brazil's federal police and JPMorgan declined to comment on the investigation. The attorney for Rodrigo Berkowitz did not respond to requests for comment. He has previously confirmed that his client is cooperating with U.S. and Brazilian authorities investigating the commodity trading industry.
Petrobras, formally known as Petroleo Brasileiro SA (PETR4.SA), said in an email it has "zero tolerance in relation to fraud and corruption." The company added that it has aided Brazilian authorities extensively with various corruption-related probes.
The world's largest commodity traders, including Switzerland’s Vitol, the world’s top independent oil trader, are also facing scrutiny globally after years of investigations into whether they offered bribes to win contracts in several countries in Latin America. Vitol admitted wrongdoing as part of a 2020 settlement with U.S. and Brazilian authorities and has said that is pleased the matter has been resolved.
No charges have been brought in the JPMorgan probe, and it remains unclear whether any will be.
Elements of the JPMorgan investigation were outlined in previously unreported documents that Brazilian police submitted this year to a federal judge overseeing the probe, including bank records, e-mails and WhatsApp messages exchanged among alleged co-conspirators, which were reviewed by Reuters. The documents also included internal Petrobras files and testimony from a former Petrobras fuel trader.
INCREASED SCRUTINY
Petrobras, the world's seventh-largest oil producer, routinely buys and sells petroleum products in deals meant to seek the best price possible for the firm. However, U.S. and Brazilian authorities have alleged that some Petrobras traders took bribes from counterparties for more than a decade through 2018.
In return, these traders allegedly purchased fuel at inflated prices or sold it at a discount.
In December, Vitol agreed to pay $164 million and admit guilt to resolve allegations by U.S. and Brazilian authorities that it paid bribes in Brazil and other Latin American countries between 2005 and 2020.
In November, Brazilian prosecutors filed a civil lawsuit against Trafigura, alleging the Geneva-based trader and at least two subsidiaries paid Petrobras employees more than $1.5 million in bribes in 2012 and 2013.
Trafigura has consistently denied the allegations leveled by Brazilian authorities and has said that outside counsel it hired “found no basis to conclude that Trafigura’s current management were involved in, or had knowledge of, alleged improper payments to Petrobras.”
Reuters reported in recent months, citing law enforcement sources and Brazilian court documents, that U.S. and Brazilian authorities are also probing Connecticut-based trading house Freepoint Commodities for its dealings in Brazil from roughly 2012 to 2018.
A Freepoint spokesperson wrote in an email at the time that the company “is strongly committed to following the laws everywhere we do business.” The company declined further comment.
Brazilian investigators have not yet shared their findings regarding JPMorgan with U.S. authorities, the sources added, though they are likely to do so if the probe advances.
Among the matters Brazilian authorities are trying to determine is the timeline of the alleged JPMorgan bribery operation.
JPMorgan largely exited physical commodity trading in 2014, selling its operations to Swiss trader Mercuria for $3.5 billion in an all-cash deal.
It is not clear if the alleged bribery occurred up to that date or if the alleged wrongdoing was limited to deals executed in 2011.
Last year, the bank agreed to paymore than $920 million and admit wrongdoing to settle U.S. market manipulation probes into its trading of metals futures and Treasury securities.
In 2013, shortly before the sale of its physical commodities unit, the bank agreed to pay$410 million to settle allegations of power market manipulation in California and the Midwest.
https://www.reuters.com/legal/government/exclusive-jpmorgan-faces-oil-bribery-probe-brazil-2021-09-22/
More junk notes being sold and possibly another boatload of illegal cargo has arrived as junk notes shouldn't be moving this.
New notes are JUNK! The scam before Crash Run!
Scam short selling banks are all going down. Good, Wall Street crooks are being taken out, one by one.
The SEC Is Allowing 5-Count Felon JPMorgan Chase to Trade Its Own Bank Stock in its Own Dark Pools
By Pam Martens and Russ Martens: August 26, 2021 ~
Jamie Dimon Sits in Front of Trading Monitor in his Office (Source -- 60 Minutes Interview, November 10, 2019)
Jamie Dimon Sits in Front of Trading Monitor in his Office (Source — 60 Minutes Interview, November 10, 2019)
JPMorgan Chase is unique among the mega banks on Wall Street – and not in a good way. It owns the largest federally-insured bank in the United States despite a rap sheet that would make the Gambino crime family jealous. It has been charged by the U.S. Department of Justice with five felony counts since 2014, admitting to all of them. Its Board of Directors has left the same man, Jamie Dimon, at the helm of the bank as Chairman and CEO, throughout those five felony counts.
JPMorgan Chase is also the only American bank to ever be fined for using depositors’ money to gamble in derivatives in London and lose $6.2 billion of that money. (Jamie Dimon was Chairman and CEO at the bank then as well.)
JPMorgan Chase is the only federally-insured bank in the United States to be charged with two felony counts for helping to facilitate the largest Ponzi scheme in history – the Bernie Madoff looting of thousands of investors.
And despite this serial crime wave, the share price of its publicly-traded stock (ticker JPM) has somehow managed to behave like the most well-managed bank in America. Either Americans have no problem investing their life savings in a repeat felon or something untoward is going on here with the trading in this stock.
Since January 7, 2014, when the U.S. Department of Justice charged JPMorgan Chase with its first two felony counts for its role in the Madoff swindle, to its closing price yesterday, the share price of JPMorgan Chase has significantly outperformed the S&P 500 Index.
During this same span of time, JPMorgan Chase has been trading the shares of its own bank stock in its own Dark Pool. Dark Pools have little oversight by regulators and allow trades to occur without the bid or ask side of the trade being first exposed to “lit” markets, such as licensed stock exchanges. With the exception of Wells Fargo, all of the mega banks on Wall Street are operating their own Dark Pools. (The SEC refers to Dark Pools as ATS or Alternative Trading Systems.)
Until August of 2017, JPMorgan Chase operated only one Dark Pool, known as JPM-X. But in August 2017, the bank added a second Dark Pool, which also began to trade in the shares of its own bank stock. That second Dark Pool is known as JPB-X.
Wall Street’s chummy self-regulator, FINRA, decided to create the illusion of adding a little transparency to what is going on in Dark Pools in June of 2014. That’s when FINRA began to publish stale, three-week old trading data that was aggregated not by daily trading totals, but lumped together for an entire week, making it impossible for researchers to look for insider trading, front running and other share price manipulations. The first week for which Dark Pool trading data was released by FINRA was the week of May 12, 2014. FINRA released the data on June 2, 2014.
For the past seven years we have checked that FINRA data and witnessed JPMorgan Chase (as well as other banks) trading in the shares of their own bank stocks. We have repeatedly in the past asked the SEC to explain how this constitutes legal activity. We have yet to receive an answer.
In the most recent week reported by FINRA for Dark Pool trading, JPMorgan’s two Dark Pools traded a total of 518,277 shares of JPMorgan Chase stock in a total of 3,308 separate trades. As the chart below from FINRA data indicates, JPMorgan Chase’s own Dark Pool, JPM-X, was the third largest Dark Pool trader in the shares of its own stock for the week of August 2, 2021. In the four weeks from July 12 through the week of August 2, FINRA data shows that JPMorgan’s two Dark Pools made a total of 22,070 trades in its own stock.
JPMorgan’s federally-insured bank does not operate the Dark Pools. They are operated by another unit of the company, J.P. Morgan Securities LLC.
The Securities Exchange Act of 1934, which is still the law of the land, explains why it is a matter of national interest to protect U.S. markets from corruption by powerful players:
“Frequently the prices of securities on such exchanges and markets are susceptible to manipulation and control, and the dissemination of such prices gives rise to excessive speculation, resulting in sudden and unreasonable fluctuations in the prices of securities which (a) cause alternately unreasonable expansion and unreasonable contraction of the volume of credit available for trade, transportation, and industry in interstate commerce, (b) hinder the proper appraisal of the value of securities and thus prevent a fair calculation of taxes owing to the United States and to the several States by owners, buyers, and sellers of securities, and (c) prevent the fair valuation of collateral for bank loans and/or obstruct the effective operation of the national banking system and Federal Reserve System.
“National emergencies, which produce widespread unemployment and the dislocation of trade, transportation, and industry, and which burden interstate commerce and adversely affect the general welfare, are precipitated, intensified, and prolonged by manipulation and sudden and unreasonable fluctuations of security prices and by excessive speculation on such exchanges and markets, and to meet such emergencies the Federal Government is put to such great expense as to burden the national credit.”
The new Chair of the SEC, Gary Gensler, has promised to take a close look at Wall Street’s market structure. We can think of no better place to start than Wall Street’s Dark Pools.
Shorting before the banks crash, a good idea.
Times are changing and banks who rely on shorting stocks to improve their bottom line will not last in the new Quantum Financial system taking over the old and broken Fiat system.
It's the banks that will crash and not the rest of the stock market participants. Quantum is moving toward National Banks backed by gold and silver.
There will be no room for crooked banks that rely on shorting value stocks and basic materials commodities, in the new Quantum Financial System.
This is why top brass in bank finance are stepping down.
JP Morgan Chase CEO Dimon: 'No Patriot' China-Deals
https://www.newsmax.com/politics/trump-jamie-dimon-jpmorgan-chase-china/2021/08/18/id/1032877/
Flynn's in bed with Russia. JPM Chase doing the right thing.
$JPM displays fascism. Cancels customers CC's cancel culture moves that will destroy this crooked bank.
🚨🚨BREAKING: Chase Bank cancels its credit card accounts with General Flynn citing possible “reputational risk” to their company. In case there was any doubt what is happening in this country. @TracyBeanzOfficial pic.twitter.com/GIyQHXgW9l
— Regina Hicks (@reginahicksreal) August 29, 2021
Hey All, what's going on NOW with JPM!!??
I received letter their Chase Credit Card services are now going to be taken over by Barclays as of September 20th !! New Barclays cards being issued to all Chase Bank CC holders right now... I also am an AARP Chase holder...
After JPMorgan Chase Admits to Its 4th and 5th Felony Charge, Its Board Gives a $50 Million Bonus to Its CEO, Jamie Dimon
By Pam Martens and Russ Martens: July 23, 2021 ~ The unthinkable is happening with alarming regularity at the Frankenbank JPMorgan Chase. Over the last seven years, with Chairman and CEO Jamie Dimon at the helm, JPMorgan Chase has managed to do what no other federally-insured American bank has managed to do in the history of banking in the United States. The bank has admitted to five separate felony counts brought by the U.S. Department of Justice, while regulators took no action to remove the Board of Directors or Jamie Dimon. Now, once again, the outrageous hubris of this Board is on display. Just last fall the bank forked over $920 million of shareholders money to settle its fourth and fifth felony counts brought by the Department of Justice, this time for rigging the precious metals and U.S. Treasury market. Now, in the dog days of summer, rarely a time for …wallstreetonparade.com
Drug smuggling bank about to be woken up in a hurry.
I wonder what else this scam bank traffics
$JPM Total Debt (mrq) 765.76B
So Financials center-stage trw then.....
Friday
Next days' close
Monday
Up another 2.5 % ?
Earnings public tomorrow morn (Tuesday) pre-opening bell.....
GS to revisit / test its' ATH ?
https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gs&x=53&y=18&time=100&startdate=1%2F1%2F2020&enddate=8%2F23%2F2021&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9
DJIA to break out ?....Financials out trw morn pre-opening bell....
Currently S&P F's down 2.......Boy, are THOSE ever prone to spiking !
Court Documents Reveal that JPMorgan Chase Was Entangled in Another Giant Ponzi Scheme at the Same Time It Was Propping Up Bernie Madoff’s Ponzi Scheme
By Pam Martens and Russ Martens: July 6, 2021 ~
Jamie Dimon, Chairman and CEO of JPMorgan Chase
After reading the documents released by the Justice Department in January 2014 in connection with JPMorgan Chase’s settlement over its role in the Bernie Madoff Ponzi scheme, the Los Angeles Times asked this question: “Bernie Madoff: Was he part of the JPMorgan ring, or was JPMorgan part of his ring?” Given the facts of the case, the question was more than fair.
In January of 2014 JPMorgan Chase paid $2.6 billion in fines and restitution, signed a deferred prosecution agreement with the Justice Department and walked away from further criminal charges over its 22-year involvement with Bernie Madoff’s Ponzi scheme. The Madoff Ponzi scheme was the largest in U.S. history with fictitious investment account statements showing his clients held $64.8 billion in securities with his firm. (Madoff never actually bought any stocks or other securities for his investment clients.)
The Madoff case commanded headlines for years. But a recent review of federal court filings by Wall Street On Parade shows that at the same time that JPMorgan Chase was deeply involved with Madoff, it was simultaneously entangled with another multi-billion dollar Ponzi scheme being orchestrated by Thomas Petters. JPMorgan Chase’s involvement in the Petters case has been largely ignored by mainstream media.
Both the Petters’ Ponzi scheme and the Madoff Ponzi scheme collapsed in 2008 during the financial crash on Wall Street. The Petters’ fraud collapsed after one of his employees contacted law enforcement. Federal agents raided Petters’ offices and arrested him on October 3, 2008. Madoff confessed to his sons in early December 2008 and he surrendered to Federal authorities on December 11, 2008 – just a little more than two months after the arrest of Petters.
On June 29, 2009 Madoff was sentenced to 150 years in federal prison. Madoff died on April 14 of this year in the medical facility of the federal prison in Butner, North Carolina.
In December 2009 a Minnesota jury found Petters guilty on all 20 counts of wire fraud, mail fraud, money laundering and conspiracy. Petters is serving a 50-year sentence in federal prison in Leavenworth, Kansas.
How is it possible that the largest federally-insured bank in the United States, with thousands of employees engaged in risk management, anti-money laundering and compliance, could become involved in two of the largest Ponzi schemes in U.S. history – over the same span of time? (For what JPMorgan Chase has been up to since these Ponzi schemes were revealed, see JPMorgan Chase Admits to Two New Felony Counts – Brings Total to Five Felony Counts in Six Years – All During Tenure of Jamie Dimon.)
In the Madoff matter, JPMorgan Chase used unaudited financial statements and skipped the required steps of bank due diligence to make $145 million in loans to Madoff’s business, according to Irving Picard, the Trustee of the Madoff victims’ fund. Lawyers for the Trustee wrote that from November 2005 through January 18, 2006, JPMorgan Chase loaned $145 million to Madoff’s business at a time when the bank was on “notice of fraudulent activity” in Madoff’s business account and when, in fact, Madoff’s business was insolvent. The reason for the JPMorgan Chase loans was because Madoff’s business account was “reaching dangerously low levels of liquidity, and the Ponzi scheme was at risk of collapsing.” JPMorgan, in fact, “provided liquidity to continue the Ponzi scheme,” according to Picard.
JPMorgan Chase and its predecessor banks also extended tens of millions of dollars in loans to Norman F. Levy and his family so they could invest with the insolvent Madoff. According to Picard, Levy had $188 million in outstanding loans in 1996, which he used to funnel money into Madoff investments. Picard’s lawyers wrote in court filings that JPMorgan Chase (JPMC) “referred to these investments as ‘special deals.’ Indeed, these deals were special for all involved: (a) Levy enjoyed Madoff’s inflated return rates of up to 40% on the money he invested with Madoff; (b) Madoff enjoyed the benefits of large amounts of cash to perpetuate his fraud without being subject to JPMC’s due diligence processes; and (c) JPMC earned fees on the loan amounts and watched the ‘special deals’ from afar, escaping responsibility for any due diligence on Madoff’s operation.”
A critical piece of evidence against JPMorgan was that despite funneling loans to both Madoff and Levy, the bank “advised the rest of its Private Bank customers not to invest with Madoff,” according to Picard.
On paper, according to Picard, Levy was worth $1.5 billion in 1998. He was such an important customer to JPMorgan and its predecessor firms that he was given his own office at the bank – a situation that perhaps fueled the Los Angeles Times’ question of just who was a part of whose gang.
What was happening in Madoff’s account was so unprecedented at a federally-insured bank that it is impossible to reconcile it with a legitimate compliance department. Picard told the court that “during 2002, Madoff initiated outgoing transactions to Levy in the precise amount of $986,301 hundreds of times — 318 separate times, to be exact. These highly unusual transactions often occurred multiple times on a single day.”
That kind of activity should have generated legally-mandated Suspicious Activity Reports (SARs) filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). But even after another bank detected the activity in the late 90s and reported the transactions to FinCEN, JPMorgan Chase and its predecessor banks failed to file their own mandated SARs. The bank not only allowed the activity to continue but allowed it to increase dramatically in dollar terms.
While Madoff at least had some credentials that might justify a banking relationship at JPMorgan Chase (he was the previous Board Chairman of the Nasdaq stock market and served on an advisory committee at the Securities and Exchange Commission) Thomas Petters had a record of convictions for forgery, larceny and fraud.
Notwithstanding that criminal history, according to the court-appointed receiver in that case, Douglas Kelley, Petters moved more than $83 million in Ponzi cash through his JPMorgan accounts between 2002 and 2007. According to Kelley’s court filings, JPMorgan loaned Petters large sums of money and facilitated his $426 million purchase of Polaroid Corp. even though it knew, or should have known, of his run-ins with the law in the past. According to Kelley’s lawsuit, JPMorgan acted as an adviser to Polaroid in the deal and provided a $185 million credit facility, receiving $40 million in fees for its work.
Kelley wrote in his lawsuit that “During the course of its due diligence, [JPMorgan] uncovered or should have uncovered numerous red flags that should have put [JPMorgan] on notice of the Petters Ponzi scheme.” Kelley said that the fees that the bank was going to earn on the transaction gave it “an incentive to ignore red flags that would have revealed the massive Ponzi scheme that Petters used to fund the Polaroid purchase.”
After years of litigation, Kelley and the bankruptcy trustee for Petters’ various businesses reached a settlement with JPMorgan Chase on April 25, 2018 according to a court document. The parties involved wrote to the court that they had “voluntarily participated in confidential mediation with Robert A. Meyer on May 17, 2017 and continuing into October 2017. After extensive negotiations, the mediator presented a proposal of global settlement which was accepted by all parties.”
That settlement looks like JPMorgan got off on the cheap considering what Kelley had alleged in his lawsuit. According to the settlement document filed with the court:
“The settlement includes two separate settlements: the Receiver Settlement Agreement and the Trustees Settlement Agreement. Under the Receiver Settlement Agreement, the JPMC Defendants agreed to pay $2,500,000.00 in settlement of the Receiver claims. Under the Trustees Settlement Agreement, the JPMC Defendants agree to pay $30,725,000.00 to settle the Trustees’ Joint Adversary Proceedings and the PGW adversary proceeding.”
Particularly eyebrow-raising in that settlement document is the revelation on page 10 that Kelley or his office negotiated a release of criminal charges against JPMorgan Chase from the U.S. Attorney’s Office, District of Minnesota, writing that it was a “material inducement” to get the settlement deal with JPMorgan Chase. (Since when does a receiver step into the shoes of a lawyer for JPMorgan Chase and negotiate a waiver of criminal charges with the Justice Department?)
While all of this was playing out in federal court in Minnesota, the hedge fund Ritchie Capital Management LLC brought suit against JPMorgan Chase and others in the same court to recoup $189 million in funds it had lost to Petters and his related entities. Ritchie brought claims against JPMorgan for aiding and abetting tortious conduct; fraudulent transfers; breach of fiduciary duty; negligence; and unjust enrichment.
The Ritchie case was dismissed by Minnesota U.S. District Court Judge Donovan Frank on December 14, 2017. It was partially reinstated by the 8th Circuit Court of Appeals in June of last year. Just last week the same Judge, Donovan Frank, tossed the suit again, this time writing that the plaintiffs lacked standing to bring the allegations and had failed to state an actionable claim.
Wallstreetonparade.com
So i take it you're not a dimon fan? Just kidding. Like i said before his comeuppance is due. Ya never know, maybe he'll have a come to JC moment before it gets to that.
Right on time, Gitmo massive expansion with another Delta force camp currently being filled with crooked bank executives.
Cocaine and fentanyl drug smuggler Jamie Diamond is grinding his teeth as he knows what's coming to him.
Pain is coming for JPM and all of Wall Street Central banks.
Wall Street Banks are finished. Quantum finance system replacing Fiat system. China Central Banks are now bankrupt and why wall street banks are robbing value stocks.
Crypto currency will fail as the Gold Standard is coming back.
Massive food shortage becoming a reality and new norm.
The Fed is bankrupt! Quantum financial system evolving which will put an end to ALL West Central Banks.
Not gonna happen i say. Jamie will just run to his buddies at the fed and ask em to beg joe for a capital infusion...i meant bailout.
$JPM JPMorgan is going to cave fast and hard once it goes.
These scam bank rip offs are about to pay the price, dearly and any short positions are going to be what finishes off the banks.
Margin calls will either have to be covered with gold or banks assets.
Bitcoin, crypto's, and Fiat cash will not be accepted to cover short positions.
Black Rock Overseeing the shift and what will be the crash of the Central banking system.
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