Tag Archives: Wells Fargo

Wells Fargo Peddles Fraud

Financial Markets, Market Manipulation, U.S. Economy, , ,

I would have thought that after all of the fraudulent, illegal and unethical business activity for which Wells Fargo has endured, a situation placed in their lap by a concerned citizen would have received immediate attention. What’s most appalling about the story below is the haughty indifference with which this potentially criminal complaint was treated by Wells Fargo employees. While Wells has received some heavy wrist-slapping for getting caught with its pants down, its seems based on the bloated compensation awarded to the CEO and the fact that, based on the true accounting below, Wells doesn’t seem to mind continuing to operate with its pants and underwear draped like a pedophile around its ankles. Mike – aka Silver Farmer (@nhsilverfarm) – has written a stunning report of his attempt alert Wells Fargo of a potentially criminal fraud situation involving Wells Fargo checking accounts – one that may involve fraudulent bank accounts opened by Wells employees:

I’m Mike and up until now, I’ve remained behind the scenes as an audio editor and producer for some of the more popular liberty minded programs out there today. I want to share this story of fraud that centers on habitual offender, Wells Fargo. In life, I have only my credibility and am more than willing to provide the emails that confirm everything I am about to relay.

After nearly 15 years, my wife and family are leaving the house we built. The property taxes having tripled in that time. We are intentionally downsizing, and have a number of valuable items to sell. I started posting ads for these items on Craigslist just over a week ago. There were a handful of items over $300 in value and for every one posed, I got several offers to accept payment by check from out of state and then ship the items to a buyer. I might live in the sticks of rural New Hampshire, but I had heard of these scams, so I decided to play along with a few.

The first was pretty low brow. I had to check my spam folder fro an email from “PayPal” saying that $1000 would be released to me if I sent a Western Union Money Gram to a woman named Deborah in Oklahoma. She was, you see, the mover that was going to pickup my air conditioner. Before I tipped my hand that knew that this was a scam, I contacted the police in my town, the town where the money was to be sent and the FBI.

The next two scammers asked for my address to send a physical check to. This sounded more interesting. I figured, what the hell, I will give them my address, I’m moving and it is public record anyway. Both had similar stories. The check I was to receive was “accidentally” made out for more than my item for sale because the assistant made a mistake and added my price AND the cost of having the item shipped into one check.

So 3 and 4 days later, respectively, I had priority mail envelopes in my mailbox, each containing a check, printed on real check stock with watermarks and other security features, from businesses far away from the return address on the envelope. I did a quick internet search, and found the phone numbers of these very real businesses. One was an oral surgeon in Texas, the other an equipment company in New York. I called each of these companies and was informed that these were, in fact, counterfeit checks.

I played along with the scammers, telling them that I had deposited their checks. At this point, one dropped out from communication, so I was down to one. In the mean time, I contacted the FBI and the postal inspector, both of which referred me to an online complaint form, which I filled out and heard nothing back from.

I told the last remaining scammer on Monday that his check had cleared. He immediately emailed me with the account information of the “mover” so I could wire the excess funds there.

And what account did he send me? Why a Wells Fargo Business account.

I called Wells Fargo and they confirmed it was an active account. I then dropped the bomb. I told them the above story and…literally crickets. The woman on the phone expressed no interest at all that one of their accounts was being used to receive funds from check fraud. I got irritated and a bit rude, and told the Wells employee that I didn’t think that Wells Fargo needed any more black eyes, and if she would not take me seriously, I was going to the media. She then forwarded me to Tim in Minneapolis. After a long hold, I explained the story to Tim. I offered to send a picture of the check and all the emails (Which I am happy to provide to anyone on request). He was not interested and then after about 5 min, he disconnected, without warning. I tried for another half hour to get back to him or find anyone who wanted the information I had. Nobody at Wells Fargo cared. No word of a lie. No concern at all. They didn’t even want my phone number.

When W Bush helped ram thru the Patriot act, part of that was that positive ID MUST be established to open a bank account. If this is the case, the owner of this Wells Fargo account should be easy to find. So why are they not interested?

Is this just the latest Wells Fargo scheme to allow accounts to be opened without proper documentation to pad the employee bonuses? Is this account owned by a Wells Fargo employee that has a side hustle? Something else?

I am turning this over to the honest media so hopefully there can be some relief. These scammers were quick to spend $10 on priority mail (Which either is linked to something like Stamps.com OR they went into a post office, on camera). And the sheer number of attempts was astounding. On 3 items I listed for over $300 (A canoe, a table and an air conditioner) I got 13 fraudulent offers. All of this tells me that not only does this scam work, that they have no fear of being caught.

And as a final note, I am still stringing along that scammer. He will loose intrest in a day or so. Any suggestions on how I should break it to him? nhsilverfarm@gmail.com

Mike the Producer

The Financial System Is On The Cusp Of Collapse

Financial Markets, Market Manipulation, U.S. Economy, , ,

DB stock is now in a full panic sell-off as I write this.  It just hit another new all-time NYSE low on by the heaviest volume ever in the stock since its 2001 NYSE listing.  It’s currently down almost 10%.  No doubt the Central Banks will try to bounce it.

Deutsche Bank may well be the scapegoat this time around just like Lehman was the scapegoat in 2008. Central Banks in collusion can prevent just one bank from collapsing. It was the co-collapsing of AIG and Goldman Sachs that prompted then-Secretary of Treasury, ex-Goldman CEO Henry Paulson, to put in motion the bailout of the U.S. and European banking system.

Yesterday it was reported that the rate the Fed charges the banks to borrow collateral surged to its highest rate in 7 years – LINK. The rush to borrow collateral was no doubt prompted by OTC derivatives-related counter-party collateral calls. A collateral call is like a margin call in a stock account. This occurs when a derivatives trade goes south for an entity that is on the long side of the derivatives bet – a bet that Deutsche Bank won’t default, for instance – and the counterparty to that trade demands more collateral to be posted in order to insure that the bet can be paid off if the “long side” loses.

Now multiply that concept across thousands of derivatives trades involving hundreds of hedge fund and bank counterparties totalling $100’s of trillions. It does not take too many collateral calls before counterparties and Central Banks run out of collateral that can posted against these OTC derivatives margin calls. That’s happening now.

This is 2008 redux – only this time the damage inflicted by derivatives counterparties collapsing will be much worse because the size and scale of the problem is much larger.

Deutsche Bank is at the center of focus, but there’s no question that U.S. Too Big To Fails are in similar financial condition.  If that’s not the case, then why won’t Fed unwind the “QE” that created the $2.3 trillion in bank “excess reserves” sitting at the Fed?  Pull this rug out from under Goldman, JP Morgan, Wells Fargo, B of A etc and the entire U.S. banking system will collapse.   But that will happen at some point unless the Fed cranks up the printing press again.

Deutsche Bank may well be the catalyst that throws a “spark” that lights the fuse on $100’s of trillions of financial weapons of mass destruction.  It was just reported that DB’s hedge fund clients are rushing to draw all excess cash held at the bank.  That’s how the run begins.   DB’s stock is down 8% right now on 33 million shares.  This is 3x the 10 day average trading volume and over 6x the 90 day average – with 2 hours left in the trading day. It’s as if someone turned on the light in the kitchen and the cockroaches are running for cover.

Make no mistake, DB is not the only big bank in trouble right now.  I have no doubt the phone wires between the U.S. and European Too Big To Fails are sizzling.  This is also the reason the manipulators have been throwing a “scorched earth” attempt to push gold and silver lower.  Again, this is just like 2008 when the manipulators took the price of gold down from $1020 to $700 – right before the entire banking system de facto collapsed.

Deutsche Bank may well be the “canary” but the “coal mine” is the banking system – European and U.S. – and there will be plenty of dead birds before this is over.

For additional insight on the DB saga, see Eric Dubin’s:  Deutsche Bank Is Imploding.

Orwell’s Nightmare In Real-Time

Financial Markets, Gold, Market Manipulation, Precious Metals, U.S. Economy, , ,

“They” know they are losing control.  “THEY” are the elitists who stand silently – some invisibly – behind Capitol Hill and run the country.  “They” includes the Deep State, CEO’s and directors of the largest corporations and the country’s wealthiest families and individuals.  If you would like to see names of some of the latter, read this:  Meet Wealthy Political Donors.

But that list is far from complete.  Missing are people/families/foundations like Warren Buffet, Bill Gates, Phil Anschutz and the Walton family.

Also see, Rogue’s Gallery – Exposing the Group of 30, to better understand who writes the monetary policies and be introduced to another branch of “They”. These are real people, not made-for-TeeVee characters, but actually people that dictate our lives.

The United States’ system of Government has become a pure “Money-ocracy.”  If you have enough money in your bank (and you might own the bank) and are willing to write the checks to the proper depositories (like the Clinton Foundation and the DNC, for instance) then you are part of the Money-ocracy.  If you are not part of the Money-ocracy, you are a middle class yeoman and soon a serf (per Warren Buffet).

In today’s Shadow of Truth (aka the RUCK Report – Rainbows, Unicorns and Cute Kittens), we discuss the transformation of the United States into the largest Banana Republic in history: