Alleged fraud at JP Morgan.  Who could have guessed?

Source

A federal class action lawsuit is making some strong allegations against JPMorgan Chase, claiming the  lender routinely fabricates documents to deceive bankruptcy judges into believing Chase is the beneficiary in bankruptcy cases, and goes so far as to Photoshop documents to “create the illusion” of standing “in tens of thousands of bankruptcy cases.”

According to the JPMorgan Chase bankruptcy fraud class action lawsuit, “Chase is engaged in the business practice of deceiving bankruptcy judges, Chapter 7 trustees, Chapter 11 trustees, Chapter 13 trustees, the Office of the United States Trustee, creditors, creditor attorneys, debtors in possession, debtors and debtors attorneys as to Chase’s status as a secured creditor in tens of thousands of bankruptcy cases filed nationwide.”

Among the numerous allegations in the Chase bankruptcy fraud class action lawsuit, Chase is alleged to have:

1. engaged in perjury, fraud and intentional misrepresentation by manufacturing a chain of title transfer evidence in order to falsely prove it stands in thousands of bankruptcy matters; and

2. used manufactured evidence to deceive the bankruptcy court and other bankruptcy players as to the identity of the true beneficiary or creditor of Class Members’ non-negotiable promissory notes (MLNs).

A copy of the Chase Bankruptcy Fraud Class Action Lawsuit can be read here.

The case is Ernest Michael Bakenie v. JPMorgan Chase Bank, N.A., Case No. SACV12-0060 JVS (MLGx), U.S. District Court, Central District of California.

CONTINUED at Top Class Actions.

*Taken from the Ludwig von Mises Institute. Written by Ludwig von Mises and Bettina Bien Greaves.

As a medium of exchange, the situation of money is different from that of other commodities. If there is an increase in the quantity of other commodities, this always means an improvement of conditions for people. For instance, if there is more wheat available, some people for whom there was no wheat available before can now get some, or they can get more than they would have received under the previous conditions. But with money the situation is very different.

To point this out, you have only to consider what happens if there is an increase in the quantity of money. Such an increase is considered bad because it favors those who get the new money first at the expense of others; it never happens in such a way as to leave relations among individuals unchanged. Let us take the following situation. Imagine the world as our world is, you know. Some people own money and also claims on money, claims to get money from somebody else; they are creditors. Then there are also people who are debtors, who have debts in money.

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