Daily Archives: August 18, 2012

British Bank Hid Iran’s Assets, Families Claim

Courthouse News Service.

MANHATTAN (CN) – The British bank Standard Chartered helped Iran hide the billions of dollars it owes for sponsoring a 1983 bombing in Lebanon, families claim in Federal Court.
     Hezbollah carried out the attack on the U.S. Marine barracks in Beirut, which left 241 U.S. service members dead and injured many more, making it the deadliest state-sponsored terrorist attack until Sept. 11, 2001.
     To date, the U.S. District Court for the District of Columbia has issued more than $9.5 billion in judgments against Iran for the bombing.
     A group of victims and their survivors who won $2.6 billion in 2007 filed suit this week against Standard Chartered in the Southern District of New York. Their names appear in three, single-spaced columns taking up four pages of exhibits to the 32-page complaint.
     To date, Iran has refused to pay it and rejected its legitimacy in state-run media.

Michigan AG Schuette Charges Former Lawyer With Racketeering


LANSING – Michigan Attorney General Bill Schuette today announced the Attorney General’s Criminal Division has charged a Mount Pleasant lawyer for an alleged scam targeting multiple Michigan residents in the vulnerable position of attempting to declare bankruptcy. The lawyer has since been disbarred and now faces criminal charges.

“Financial scams can devastate the lives of citizens who work hard to provide for their families,” said Schuette. “Scams preying on individuals in fear of financial ruin are especially reprehensible.

“Our office is committed to protecting the interests and dignity of Michigan citizens battling financial hardship.”

The charges allege that between April 2007 through July 2009 James Roslund, 66, of Mount Pleasant, accepted payment from multiple clients with the understanding that he would represent them as they attempted to file for bankruptcy. Allegedly, instead of representing the interests of his victims, Mr. Roslund simply pocketed the money with no intention of completing the legal work he was hired to do.

The following charges have been filed by Schuette with the 84th District Court in Wexford County against James Roslund:

o One count of Conducting a Criminal Enterprise, a felony punishable by up to 20 years in prison and/or a $100,000 fine;

o One count of Acquiring/Maintaining a Criminal Enterprise, a felony punishable by up to 20 years in prison and/or a $100,000 fine;

o Three counts of False Pretenses – $1,000-$20,000, a felony punishable by up to 5 years in prison and/or a $10,000 fine.

The charges come as a result of an investigation by the State Bar of Michigan. When the Bar discovered that Mr. Roslund’s alleged conduct was not only unethical, but criminal in nature, they contacted the Attorney General’s Office for further investigation and prosecution.

“A primary function of the State Bar is to protect the public,” said Julie Fershtman, President of the State Bar of Michigan. “While the vast majority of lawyers hold their clients’ interests paramount and serve them ethically and professionally, unfortunately a few do not.

“Lawyers in Michigan fund a program to provide reimbursement in such cases, and it was this Client Protection Fund program that referred the Roslund case to the Attorney General.”

Roslund surrendered to authorities this morning without incident and is expected to be arraigned on the charges later today in Wexford County’s 84th District Court.

Schuette asks any citizens who believe they may have been victimized by Mr. Roslund to file a complaint with the Attorney General’s Consumer Protection Division by going to www.michigan.gov/ag and clicking “Complaints.”

A criminal charge is merely an accusation and the defendants are presumed innocent unless proven guilty.

SOURCE: http://www.michigan.gov

Up w/ Chris Hayes: The Captured Ideology of Wall Street Culture

Up w/ Chris Hayes: The Captured Ideology of Wall Street Culture.

Up w/ Chris Hayes: The Captured Ideology of Wall Street Culture

Up w/ Chris Hayes: The Captured Ideology of Wall Street Culture, Visit NBCNews.com for breaking news, , world news, , and news about the economy, Don’t vote for corruption. Voting for any of these politicians is a vote against you. Don’t be a fool! Wall Street Gutting Financial Reform – UP w/ Chris Hayes Pt. 1, Eric Schneiderman (@agschneiderman), New York attorney general and co-chair of the Mortgage… Q & A’s on the Mortgage Crisis Unit and Financial Fraud Enforcement Task Force with NY AG S…


Foreclosures Called Into Question by MERS Ruling; Thousands of Cases Could Be Affected

The state Supreme Court yesterday called into question numerous foreclosures that have been done in this state, and opened the door for lawsuits by homeowners given the boot. Just how many foreclosures are we talking about? “Hundreds if not thousands,” says Melissa Huelsman, a lawyer representing one of the plaintiffs in the case.
The case concerns that nebulous entity, the Mortgage Electronic Registration System, known more commonly as MERS. The Virginia-based company became the Big Brother of the mortgage world. It was everywhere, yet few people knew exactly who was behind it or how it operated.
What is known is that the company started as a way for lenders to get around costly and time-consuming local deed recording procedures. MERS, acting on behalf of lenders, instead registered deeds electronically instead through a centralized system. But MERS’ involvement didn’t stop there. Somehow, the company also came to be listed as the “beneficiary” of deeds in many states, including Washington. And when it came time to foreclose, MERS often initiated the action.
As the court opined yesterday, this hand-off to MERS “has caused great concern about possible errors in foreclosures, misrepresentation, and fraud. Under the MERS system, questions of authority and accountability arise, and determining who has authority to negotiate loan modifications and who is accountable for misrepresentation and fraud becomes extraordinarily difficult.”
Rest here…

Multistate Mortgage Committee report reveals improper lending activity

A 2011 examination covering 23 states by the Multistate Mortgage Committee shows that many mortgage lenders are engaging in unlicensed activity and wrongly collecting fees.
The committee is comprised of state regulatory members from 10 states appointed by the American Association of Residential Mortgage Regulators and the Conference of State Bank Supervisors.
The examinations uncovered many instances of unlicensed activity. These cases were often difficult to discern, a committee report states, as some licensees created multiple layers of management and employees, and assumed the business stance that there was no need to license all employees originating loans.

Read on.