In April through June of last year, Senator Sessions office was provided with SEC financial audits and legal documents reflecting widespread criminal behavior by Wall Street executives. This activity resulted in the issuance of $70 billion-dollars in fraudulent municipal bonds.
Aware of this activity, the Senator moved forward to vote for PROMESA legislation in June, revoking all the legal rights of the innocent bond holders and confiscating the remainder of their money. PROMESA even prevented any of the victims from suing. The Senator was handsomely rewarded with political contributions from those who benefited and possibly the Attorney General position.
As Attorney General, Mr. Sessions has used his authority to kill any investigations by the FBI or any prosecution by the U.S. Attorney’s office.
Per the Securities and Exchange Commission, 69% of these bonds were purchased by retail investors (individuals) to supplement their retirement income. To date, $34 billion dollars has been stolen and the rest is under the control of those that committed the crimes.
There are thousands of cases of documented wire fraud and mail fraud related to this criminal enterprise. There are civil rights issues and endless Dodd Frank Securities violations. Several private parties, desperate for justice, have filed RICO lawsuits.
A few months ago, six Senators wrote to the SEC & FBI requesting they investigate this further. The Department of Justice has ignored all the requests. The SEC will not comment.
This is a case that redefines political corruption and our legislators need to vote for a special prosecutor to get to the bottom of this.
Richard Lawless is a former senior banker who has specialized in evaluating and granting debt for over 25 years. He has a Master’s Degree in Finance from the University of San Diego and Bachelor’s Degree from Pepperdine University. He sits on several Corporate Boards and actively writes for several finance publications. Reference material is available at www.wallstfraud.com
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