...Hartzman’s complaint centers on accusations that the bank and defunct Wachovia Corp. violated federal regulatory laws and committed fraud in their handling of the transformational 2008 purchase.
...Hartzman accuses the banks of violating Sarbanes Oxley and Securities and Exchange Commission regulations, of not upholding their fiduciary responsibilities to shareholders, and committing acts of fraud in terms of financial reporting and disclosures.
...Hartzman responded to the Wells Fargo request Dec. 3 with a motion to submit a 144-page amended complaint that he titled “too connected to fail.” That’s even though there is has been no evidence that Wells Fargo was in any threat of financial failure.
The complaint is titled "TOO CONNECTED TO JAIL" on the first page.
...Hartzman leads off the amended complaint with accusations of “covert consent” by the board of governors of the Federal Reserve, the Securities and Exchange Commission and the Financial Industry Regulatory Authority, among other agencies, of the actions by the two banks that he claims “harmed plaintiff’s reputation, income and financial stability … and put him and his family in physical danger.”
In the amended complaint, Hartzman adds ...examples of Wells Fargo’s business practices and willingness to deploy delaying legal tactics.
Hartzman also revisits documentation about Wachovia receiving 17 short-term emergency loans worth a combined $72 billion from the Federal Reserve’s Term Auction Facility program. It took out $75 billion more after being taken over by Wells Fargo for a grand total of $147 billion in TAF loans.
The loans were not made public at the time. In December 2010, the Fed disclosed details about the program, and 10 other little-known loan sources, after Congress requested more transparency in financial markets.
Congress mandated the disclosures by passing Dodd-Frank,
after Ben Bernanke refused disclosure,
and the Fed still took it to the Supreme Court;
"At a Senate Budget Committee hearing on March 3,
Sanders asked Fed Chairman Ben Bernanke
to name the hundreds of banks that took money
since the financial crisis began.
Bernanke refused to name any of the financial institutions
and would not say what the banks are doing with the money."
Page 67 of the Amended Complaint
...Hartzman said one point about his raising the issue is “the size of how much could have been borrowed.”
He claimed Wells Fargo “is currently defrauding and recommitting fraud on what appears to be hundreds of thousands of clients.”
Wells Fargo asserted that any securities claim by Hartzman would be barred by the statute of limitations.
...Hartzman said Wachovia and Wells Fargo executives “committed perjury” in the N.C. Business Court cases.
Berkshire Hathaway Inc. owns 8.9 percent of Wells Fargo stock. BH Media Group, which owns and operates the Winston-Salem Journal and The News & Record of Greensboro, is a subsidiary of Berkshire Hathaway.
If Richard would have called and provided a oppurtunity to respond, I would have told him;
"Wells Fargo asserted that any securities claim by Hartzman would be barred by the statute of limitations."
1. It's an ongoing conspiracy as Robert Steel is now being paid by Perella, who Steel gave $25 million to as Wachovia CEO.
And 2., the statute of limitations for wire fraud by a fianancial institution is 10 years.
And 3., as I only found the size of the credit lines in 2014, published by the Fed in 2013, the two year statute of limitations applies.
And 4., a current, ongoing fraud is also covered under the statute of limitations, as Richard's prior sentence stated "He claimed Wells Fargo “is currently defrauding and recommitting fraud on what appears to be hundreds of thousands of clients.”
How Warren Buffett's newspapers serve Warren Buffett instead of the truth, Hartzman edition