Scapegoating Begins: Wells Fargo Sues Its Own Officers and Directors

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Editor’s Comment: Here are some issues presented by this lawsuit in which shareholders sue on  behalf of the corporation (Wells Fargo) in which they hold common stock:

1. Can any reasonable person conclude ignorance of those in the highest management of Wells Fargo whose bonuses were tied to outlandish “trading profits” that were in fact theft from investors and homeowners?
2. If Wells Fargo is admitting and affirmatively pleading illicit business practices and improper statements, is there any reasonable person that would argue there is no question of fact about the validity of the loans themselves, the foreclosures, the auctions, the foreclosure “sales” by “credit bid, and the evictions?
3. If Wells Fargo is admitting falsified servicing documents, is there any reasonable person who could or would argue that a full and fair accounting should be required along with a receiver appointed to determine whether all money has been properly posted as a received and disbursed and if so,paid by whom and paid to whom?
4. If Wells Fargo is admitting that robo-signing and similar practices caused the foreclosure of homes that were not in default or where the creditor was someone other than Wells Fargo, then what is to stop any homeowner from reclaiming title and possession of his home.
5. If Wells Fargo is willing to admit that these practices were widespread, is there any reasonable person who would conclude that the practices described in the complaint were not pervasive through the system with other pretender lenders? Isn’t there at least a question of fact requiring answers in discovery, request for production, interrogatories, depositions, requests for admissions, demands for inspections of computers and databases?
6. If Wells Fargo is willing to admit that these practices exist, what are they proposing to do about it? Should not the homes, title and possession be returned to the victims of these illicit practices?
7. Is Wells Fargo admitting the elements of slander of title, fraud, and violations of predatory and deceptive lending practices for which the damages greatly exceed the Multi-State Settlement PLUS recovery of attorney fees and costs.

Wells Fargo Investors Sue Wells Fargo Executives and Directors

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Oktay for this complaint.

Quote

This action arises out of individual defendants’ (as defined herein) illicit business practices and improper statements in connection with its mass processing of loan ownership and servicing documents in furtherance of its efforts to foreclose on lendees whose mortgage loans had entered delinquency.  In particular, the Individual Defendants are responsible for the Company employing illegal practices, including fabricating, improperly altering, or attesting to false information in documents filed with courts to facilitate the foreclosure of homeowners.  For example, Wells Fargo servicing agents falsely maintained in court-filed affidavits and attached loan documentation that the Company was the legal owner of the loan on which they sought to foreclose without reading the affidavit or examining the information contained in the loan documentation.  These improper practices called “robo-signing,” lead to filing and false sworn documents to the court and the wrongful foreclosure of homes for which the Company did not have legal ownership rights.

Download Complaint (part 1): http://dtc-systems.net/wp-content/uploads/2012/02/WFSuesCEOStaffforIllicitPracticesandLying_p1.pdf

Download Complaint (part 2): http://dtc-systems.net/wp-content/uploads/2012/02/WFSuesCEOStaffforIllicitPracticesandLying_p2.pdf

Tags: 60 minutes, affidavits • attesting • Daniel Edstrom • DTC-Systems • fabricating • false information • false sworn documents • foreclose • illicit business practices • improper statements • imp, AHMSI, appraisal fraud, attorney general, auction fraud, Chris Koster, credit bids, DocX Indictment, foreclosure fraud, FORECLOSURE SETTLEMENT, foreclosures, forgery, housing market, housing prices, investors, linda green, LPS, Missouri, mortgage fruad, mortgages, Robo-Signing, settlement, strategic default, Wells Fargo
Posted in bubble, Corruption, Eviction, securities fraud |