10 Outrageous Crimes Bankers Hope You Forget
A closer look at some of the criminal actions of the global financial system.
Published 11 years ago
1
Allocated Gold Scam. In August 2005 Morgan Stanley was forced to settle a class-action law suit for duping their clients. The bank sold precious metal under false pretenses, claiming that it was bought and stored by the company when in fact the bank went ahead and invested in lesser value stocks and securities.
3
Fraudulent Foreclosure. Giant banks have been shown to have engaged in fraudulent foreclosure practices. The big banks used robo-signers to forge mortgage documents which led to many people losing their homes. This included people that never held any mortgages. Even president Obama was affected. Attorney generals from 40 states have launched investigations.
6
Illegal Fees. In a massive fraud against American taxpayers and veterans, JP Morgan Chase and San Franciscos Wells Fargo Bank of America and appeared on the list of 13 banks and mortgage lenders that charged military veterans illegal fees to refinance their home loans. In order to conceal the illegal fees, the banks and mortgage companies inflated the legal charges.
10
Allocated Gold Scam. In August 2005 Morgan Stanley was forced to settle a class-action law suit for duping their clients. The bank sold precious metal under false pretenses, claiming that it was bought and stored by the company when in fact the bank went ahead and invested in lesser value stocks and securities.
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