5 Outright Illegal Scams That Should Put Wall St. Bankers Behind Bars

5 Outright Illegal Scams That Should Put Wall St. Bankers Behind Bars

www.alternet.org

From laundering drug money to scamming you on overdrafts, here are five recent Wall Street scandals that have "illegal" written all over them. The SEC is attempting to settle civil fraud charges it has filed in many of these cases, but in finance, the only difference between civil fraud and criminal fraud is the burden of proof. If the Justice Department wanted to go after many of these crooked dealers, it could.

(visit the link for the full news article)

Heh-heh....Gotta love it.

If the average Joe Blow citizen commited one-tenth the grotesqueries and obscenities these racketeers did, they would be serving multiple life sentences behind bars.

But since Wall street basically OWNs the entities which dictate 'law and order', they seem to be impervious to any type of true prosecution, and they just continue to get away with murder and scamming the 'little people', over and over again. Beyond disgusting...

www.alternet.org
(visit the link for the full news article)

reply to post by DimensionalDetective


Hey you know this is an excellent article and a great thread! S&F!

I'll tell you what the Wachovia one has me thinking, you see I had postdated a check many years ago in Philadelphia, I had to open an account at Wachovia because I won ten thousand dollars through Pennsylvania lottery and they would not cash it(It was a Wachovia check). Well, so I did and they said the money would be available on the third day after (which was a business day) that I deposited it, so for my son's football league and my daughters (2) cheerleading league at the same field I post dated a check for the third day when my money was supposed to be available(In the AM when the bank opens she said the money would be in) Well wachovia put the check through to bounce it before they made the money available to me(I am 150% sure this was no accident!) So I say okay M&&& F&&& I got your number, mmmhhhhmmm I stopped the check(So they didn't put it through another time) went into the bank and said "I am here to draw out my money" And of course they went through the spiel well you gotta pay for the overdraw, I said fine take it out and give me what ever's left ( the fee was $25 bucks) Anyway so they did and it was like 6,000 something left (After taxes it was only a 7500 and some odd dollar check after the tax they take off the top) OK they didn't pay the check and the overdraft was like 25 bucks WTF is a thousand dollars??? OK I didn't question it, I just said screw it, I wouldn't have gotten a straight answer anyway, you know how these banks are (probably service fees and other BS.) whatever. Now they have a frikking thing on my credit for 380$ ?????? Now mind you ONE THOUSAND of my money disappeared already!!!! This was in less than a week when I pulled it out the money!!! All the fees were paid(I asked when I pulled it out, and was assured I would be at zero balance.) I never ever had any other account with them, mind you...but there on my credit report It says I owe them $380 and ohhhhh will I be fighting this I hope I help get them jailed!!!!!!! At least they're already being sued so, I'm going to be next in line they EFFED up my credit since 2008(when it was put on there) I just looked the first time since 2008 at my credit report(I am not usually very current on looking I so forget from year to year so) But yeah they are scammers. IDK how they're getting away with this crap!!!!!! Oh funniest part they never ever ever sent me a letter about any funds owed to them, which makes it totally illegal to put it on my credit report at all!!!!!

DD, I had problems with Wells Fargo using their computer software to scam me on overdrafts.
They set up the withdrawals and deposits on size and what they were, if D or W. One time they got me for like 10 overdrafts when I only went under like $25. Cost me like $330, so I pulled one of their tricks. Used their advance on direct deposit after I emptied the account and then changed DD to another bank.

Called Wells and told them to close the account and they said for me to come in and settle my account to zero. Told them as soon as they fixed all the overdrafts the 4 years I was with them. The manager started bitching and I told him to sue me or attempt to press charges. Would of loved to go to court and file a counter claim.

Now I have heard that this very action Wells Fargo has settled a class action on this topic. If anyone has had Wells Fargo should do a google search and look for this suit. If you have had these type of charges on your account and can prove it, you can get some of your money back. I do not know the time frame for the end of filing. Something to look into.

Oh, and since I never had a good credit score and have never used credit, I didn't care what it did to my credit rating. I am sure mine is like -2000 or something.

reply to post by saltheart foamfollower


I don't use that credit rating either, because I don't apply for loans however now the employers are checking your credit score...so If you're out of work like me, it's that much harder for you to get a job.

Anyway, So you got in on this lawsuit? How did you make out? I hope you got something for your grief!

reply to post by ldyserenity


No, I checked it out awhile back. Too many steps for me to bother. Especially when I took my $500 direct deposit advance when I closed my account. I still get requests every now and then from them to pay it. Like I said, when I closed the account, I had gotten a DD advance in the amount of $500 and then switched banks.

Kind of funny to pull the same crap on them as they did to me.