Chase hit with SEC whistle-blower suit
A former employee embroiled in a wrongful termination suit against Chase has filed a whistle-blower suit with the SEC. Either she is trying to bully them into settling her case, or Chase went ahead and fired someone who knew where the bones were buried, in which case, note to Chase, when someone knows all the stuff you’ve done that is illegal, you might want to keep them on the payroll.
1. Chase Bank sold to third party debt buyers hundreds of millions of dollars worth of credit card accounts. . .when in fact Chase Bank executives knew that many of those accounts had incorrect and overstated balances.
3. Chase Bank executives routinely destroyed information and communications from consumers rather than incorporate that information into the consumer’s credit card file, including bankruptcy notices, powers of attorney, notice of cancellation of auto-pay, proof of payments and letters from debt settlement companies.
4. Chase Bank executives mass-executed thousands of affidavits in support of Chase Banks collection efforts and those Chase Bank executives did not have personal knowledge of the facts set forth in the affidavits.
5. When senior Chase Bank executives were made aware of these systemic problems, senior Chase Bank executives — rather than remedy the problems — immediately fired the whistleblower and attempted to cover up these problems.When I reached Almonte’s lawyer, George Pressly, for comment, he was shocked that I had the letter because it was supposed to be confidential. While Pressly was willing to confirm Almonte was a client, beyond that he had no comment. Pressly, who was clearly trying to figure out how to handle the letter’s disclosure, said he was suddenly getting a “firestorm” of calls and seemed unprepared for the onslaught. While he has filed many SEC complaints before — he operates the website http://www.secwhistleblowerprogram.org/, which is how Almonte found him — her letter is the first one he’s filed that went public.
If this suit is successful, homeowners fighting foreclosure will have lots of ammunition to contest their own foreclosures.
Bad bad Chase, Foreclosure | admin December 18, 2010
