Showing posts with label SEC. Show all posts
Showing posts with label SEC. Show all posts
5/21/14
10/15/13
Gov Shutdown Story; Hartzman v Wells Fargo Subpoena Black Hole
On September 30, 2013, I sent a subpoena after receiving authorization to begin discovery to Administrative Law Judge (ALJ) Kenneth A. Krantz, located in Newport News, Virginia;
When I called to follow up on the subpoena after not receiving an expected objection from Wells Fargo, voice recordings from the ALJ phone systems were the only indication that the office existed, as there seems to be no one working because of the shutdown.
On October 1, 2013, at 12:01 a.m. EDT, the federal government's new fiscal year began along with a partial federal shutdown.
My subpoena was received by the ALJ on October 3, 2013, at 14:27
To reduce the risk of having the case lost in this mess, I am posting the subpoena sent and others until the courts catch up. I assume my stuff is sitting in a big pile along with many other's.
Attachment A
Please provide all documents and communications between January 2012 and the moment the subpoena is presented relating to George Hartzman, including “the independent review” and determinations that “Mr. Hartzman’s allegations regarding both “secret” loans and Envision were meritless” which Wells Fargo and Hank Sanchez refused to provide George Hartzman and the Department of Labor’s William Peterson, Regional Investigator, USDOL-OSHA - Raleigh Area Office.
From a July 23, 2013 letter from Wells Fargo;
“…the investigator has now completed the independent review and concluded that there is no merit to any of your concerns.”
[GH; Wells Fargo wouldn't provide the report or say why there was no merit.]
From Wells Fargo’s communications with the Department of Labor, submitted by Gregory C. Keating of Littler Mendelson P.C.;
.
.
Background;
Hartzman v Wells Fargo; SEC and FINRA Whistleblower Evidence
http://hartzman.blogspot.com/2013/02/sec-and-finra-whistleblower-evidence.html
Envision
http://hartzman.blogspot.com/2013/01/envision.html
.
.
From the evidence sent to the ALJ on September 30;
If Wells Fargo's contention is my filing has no standing under Sarbanes-Oxley, why did the Securities Division of the North Carolina Department of the Secretary of State investigate and refer the matter to the SEC, and why would Wells hire an "independent" outside investigator?
From a public records request from the North Carolina Department of the Secretary of State Securities Division;
"FINRA & SEC Referral - 2 issues
6/15/12 - Reviewed complaint with Dan Stefek [FINRA] (Atlanta) - Will direct to Dan's attention
6/18/12 - Reviewed issues with Donna Esau [?] (SEC Atlanta) - Recommended to speak directly with Michael Mashburn (SEC Atlanta) Senior Council - understands TARP issues
6/20/12 - [left message for Mashburn] - missed return call
6/21/12 - Reviewed issues with Mashburn
Requested that complaint be sent directly to him."
Steven Butz
Director – Investment Adviser & Broker Dealer Examinations
North Carolina Secretary of State Securities Division
From: George Hartzman to: Joan.Benedetto@finra.org, bcc: whistleblower@finra.org, whistleblower@consumerfinance.gov, ombudsman@ncdoj.gov, ombudsman@fdic.gov, chairmanoffice@sec.gov, Brian Clarey, Amanda Lehmert, Joe Killian, Allen Johnson, Matthew Evans, Jeff Horwitz, Jeff Gauger
Date: Mon, Jul 30, 2012 at 10:57 PM Subject: Re: your inquiry today
I have internal use info that was up on a website that is evidence, that I was told to take down or be fired. I was also told in writing not to give it to anyone. They were fine with illegally firing me because it would have to go civil, and I would be out of the system and out of a job...
Mr. [Brian] Craig [FINRA Office of the Whistleblower] has done nothing.
Mr. Craig talked on the phone with me once, and then did nothing.
Four months and counting I think.
The SOPs of the SEC and FINRA leave those like me helpless and unknowing.
Is Mr. Craig's case still open? Why no follow up?
I found banks that reported the loans, and others who didn't.
For how long has FINRA known that?
How long has FINRA known about Envision and 4front?
How long has FINRA let the financial industry lie to the people your agency is supposed to protect?
I have almost been fired three times, ... I have been trying to do the right thing and the response from FINRA has been 0.
Sorry to unload on you Joan, but this is ridiculous.
I need someone to stand up other than myself.
My understanding is that it is FINRA's job to do so, and FINRA has failed so far.
gh
When I called to follow up on the subpoena after not receiving an expected objection from Wells Fargo, voice recordings from the ALJ phone systems were the only indication that the office existed, as there seems to be no one working because of the shutdown.
On October 1, 2013, at 12:01 a.m. EDT, the federal government's new fiscal year began along with a partial federal shutdown.
My subpoena was received by the ALJ on October 3, 2013, at 14:27
To reduce the risk of having the case lost in this mess, I am posting the subpoena sent and others until the courts catch up. I assume my stuff is sitting in a big pile along with many other's.
Attachment A
Please provide all documents and communications between January 2012 and the moment the subpoena is presented relating to George Hartzman, including “the independent review” and determinations that “Mr. Hartzman’s allegations regarding both “secret” loans and Envision were meritless” which Wells Fargo and Hank Sanchez refused to provide George Hartzman and the Department of Labor’s William Peterson, Regional Investigator, USDOL-OSHA - Raleigh Area Office.
From a July 23, 2013 letter from Wells Fargo;
“…the investigator has now completed the independent review and concluded that there is no merit to any of your concerns.”
[GH; Wells Fargo wouldn't provide the report or say why there was no merit.]
From Wells Fargo’s communications with the Department of Labor, submitted by Gregory C. Keating of Littler Mendelson P.C.;
.
Background;
Hartzman v Wells Fargo; SEC and FINRA Whistleblower Evidence
http://hartzman.blogspot.com/2013/02/sec-and-finra-whistleblower-evidence.html
Envision
http://hartzman.blogspot.com/2013/01/envision.html
.
.
From the evidence sent to the ALJ on September 30;
If Wells Fargo's contention is my filing has no standing under Sarbanes-Oxley, why did the Securities Division of the North Carolina Department of the Secretary of State investigate and refer the matter to the SEC, and why would Wells hire an "independent" outside investigator?
From a public records request from the North Carolina Department of the Secretary of State Securities Division;
"FINRA & SEC Referral - 2 issues
6/15/12 - Reviewed complaint with Dan Stefek [FINRA] (Atlanta) - Will direct to Dan's attention
6/18/12 - Reviewed issues with Donna Esau [?] (SEC Atlanta) - Recommended to speak directly with Michael Mashburn (SEC Atlanta) Senior Council - understands TARP issues
6/20/12 - [left message for Mashburn] - missed return call
6/21/12 - Reviewed issues with Mashburn
Requested that complaint be sent directly to him."
Steven Butz
Director – Investment Adviser & Broker Dealer Examinations
North Carolina Secretary of State Securities Division
From: George Hartzman to: Joan.Benedetto@finra.org, bcc: whistleblower@finra.org, whistleblower@consumerfinance.gov, ombudsman@ncdoj.gov, ombudsman@fdic.gov, chairmanoffice@sec.gov, Brian Clarey, Amanda Lehmert, Joe Killian, Allen Johnson, Matthew Evans, Jeff Horwitz, Jeff Gauger
Date: Mon, Jul 30, 2012 at 10:57 PM Subject: Re: your inquiry today
I have internal use info that was up on a website that is evidence, that I was told to take down or be fired. I was also told in writing not to give it to anyone. They were fine with illegally firing me because it would have to go civil, and I would be out of the system and out of a job...
Mr. [Brian] Craig [FINRA Office of the Whistleblower] has done nothing.
Mr. Craig talked on the phone with me once, and then did nothing.
Four months and counting I think.
The SOPs of the SEC and FINRA leave those like me helpless and unknowing.
Is Mr. Craig's case still open? Why no follow up?
I found banks that reported the loans, and others who didn't.
For how long has FINRA known that?
How long has FINRA known about Envision and 4front?
How long has FINRA let the financial industry lie to the people your agency is supposed to protect?
I have almost been fired three times, ... I have been trying to do the right thing and the response from FINRA has been 0.
Sorry to unload on you Joan, but this is ridiculous.
I need someone to stand up other than myself.
My understanding is that it is FINRA's job to do so, and FINRA has failed so far.
gh
10/11/13
"Former examiner sues NY Fed for alleged Goldman Sachs-related firing"
"A former senior bank examiner at the Federal Reserve Bank of New York filed a wrongful termination lawsuit on Thursday, saying she was fired after refusing to alter a critical examination of Goldman Sachs Group Inc.
The former employee, Carmen Segarra, said that in her seven months of examining Goldman's legal and compliance divisions, she found the bank did not have policies to prevent conflicts of interest as required by regulation...
As a result of Segarra's findings, the New York Fed's Legal Compliance and Risk team voted to downgrade Goldman's annual rating pertaining to policies and procedures...
...according to the lawsuit, the threat of [a downgrade] startled Michael Silva, who oversees the New York Fed's relationship with Goldman, and Silva's deputy, Michael Koh. The two officials were concerned that a downgrade could cause clients to stop doing business with the Wall Street bank...
...New York Fed spokesman Jack Gutt said the regulator cannot speak about individual employees or about supervised institutions because the information is private. "The New York Fed provides multiple venues and layers of recourse for its employees to freely express concerns about the institutions it supervises," said Gutt. [bullshit]
Segarra ...looked into three controversial transactions related to Solyndra, Capmark and the merger of El Paso and Kinder Morgan. At that point, Kim, Silva and Koh fired her and had her escorted from the building by security guards after weeks of disputes and pressure to change her examination findings...
Segarra's lawyer, Linda Stengle, said in an interview that Goldman's committees and standards represented "a paper policy that didn't really have any weight." Stengle said that Goldman executives in charge of conflicts ...gave inconsistent statements about the conflicts board's duties and findings.
"Bank examiners should be able to operate without fear of retaliation against the banks that they're examining," said Stengle.
Instead, she said [Segarra] was "cornered" by supervisors who "tried to force her or persuade her very heavily to change her findings."
http://mobilebeta.reuters.com/former-examiner-sues-ny-fed-for-alleged-goldman
The former employee, Carmen Segarra, said that in her seven months of examining Goldman's legal and compliance divisions, she found the bank did not have policies to prevent conflicts of interest as required by regulation...
As a result of Segarra's findings, the New York Fed's Legal Compliance and Risk team voted to downgrade Goldman's annual rating pertaining to policies and procedures...
...according to the lawsuit, the threat of [a downgrade] startled Michael Silva, who oversees the New York Fed's relationship with Goldman, and Silva's deputy, Michael Koh. The two officials were concerned that a downgrade could cause clients to stop doing business with the Wall Street bank...
...New York Fed spokesman Jack Gutt said the regulator cannot speak about individual employees or about supervised institutions because the information is private. "The New York Fed provides multiple venues and layers of recourse for its employees to freely express concerns about the institutions it supervises," said Gutt. [bullshit]
Segarra ...looked into three controversial transactions related to Solyndra, Capmark and the merger of El Paso and Kinder Morgan. At that point, Kim, Silva and Koh fired her and had her escorted from the building by security guards after weeks of disputes and pressure to change her examination findings...
Segarra's lawyer, Linda Stengle, said in an interview that Goldman's committees and standards represented "a paper policy that didn't really have any weight." Stengle said that Goldman executives in charge of conflicts ...gave inconsistent statements about the conflicts board's duties and findings.
"Bank examiners should be able to operate without fear of retaliation against the banks that they're examining," said Stengle.
Instead, she said [Segarra] was "cornered" by supervisors who "tried to force her or persuade her very heavily to change her findings."
http://mobilebeta.reuters.com/former-examiner-sues-ny-fed-for-alleged-goldman
8/13/13
5/17/13
Dear Littler Mendelson, OSHA/DOL, Wells Fargo, SEC, FINRA etc...; We Are Not Alone, Current Media Edition
About Current Media
Conclusion; Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010
At a meeting with US Congressman Howard Coble on Monday, I told him I would be putting this up. BB&T included
On Whistleblower Protections and Wells Fargo's violation of George Hartzman's anonymity
4/30/13
George Hartzman v Wells Fargo Linkfest so far, Ordered Oldest to Newest
SEC and FINRA Whistleblower Evidence
If Union Bank and Trust in Oxford, NC disclosed Federal Reserve loans Wells Fargo didn't, how did Wells Fargo not violate Sarbanes Oxley?
Rolling Stone's Matt Taibbi on George Hartzman's Whistleblower Filing
Rolling Stone's Matt Taibbi "Secret and Lies of the Bailout"
Wells Fargo's attorney Gregory C. Keating re; Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010
Hartzman versus Wells Fargo Advisors, Part One, including some emails from Rolling Stone's Matt Taibbi
George v $WFC Part One, Scene Two; Hartzman emails to @MTaibbi on $JPM's #JamieDimon, with some Bloomberg's @bobivry
Wells Fargo v Hartzman DOL/OSHA Evidence, with some SARBOX info from Keating's "Retaliation and Whistleblowing"
On Whistleblower Protections and Wells Fargo's violation of George Hartzman's anonymity
Gregory Keating on Qualified Protected Activity Under SARBOX
I was wondering why Wells Fargo's attorney from Littler Mendelson didn't bring up "the right to confidentiality"
"Complaint to a Member of Congress"; ABA..., and Facebook conversations with then US Congressman Brad Miller
At a meeting with US Congressman Howard Coble on Monday, I told him I would be putting this up. BBT included
On SEC Chair Mary Jo White needing to recuse herself from Hartzman v Wells Fargo
If Union Bank and Trust in Oxford, NC disclosed Federal Reserve loans Wells Fargo didn't, how did Wells Fargo not violate Sarbanes Oxley?
Rolling Stone's Matt Taibbi on George Hartzman's Whistleblower Filing
Rolling Stone's Matt Taibbi "Secret and Lies of the Bailout"
Wells Fargo's attorney Gregory C. Keating re; Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010
Hartzman versus Wells Fargo Advisors, Part One, including some emails from Rolling Stone's Matt Taibbi
George v $WFC Part One, Scene Two; Hartzman emails to @MTaibbi on $JPM's #JamieDimon, with some Bloomberg's @bobivry
Wells Fargo v Hartzman DOL/OSHA Evidence, with some SARBOX info from Keating's "Retaliation and Whistleblowing"
On Whistleblower Protections and Wells Fargo's violation of George Hartzman's anonymity
Gregory Keating on Qualified Protected Activity Under SARBOX
I was wondering why Wells Fargo's attorney from Littler Mendelson didn't bring up "the right to confidentiality"
"Complaint to a Member of Congress"; ABA..., and Facebook conversations with then US Congressman Brad Miller
At a meeting with US Congressman Howard Coble on Monday, I told him I would be putting this up. BBT included
On SEC Chair Mary Jo White needing to recuse herself from Hartzman v Wells Fargo
4/29/13
If SEC Chair Mary Jo White's husband John was at the SEC, I believe she needs to recuse herself from Hartzman v Wells Fargo Immediately
If from 2006 through 2008, SEC Chair Mary Jo White's husband John was head of the SEC division which oversees disclosure and reporting by public companies, and Sarbanes-Oxley says the SEC recieves all the documents and can intervene in proceedings at its discretion at any time, Mary Jo White should immediately recuse herself from any involvement in Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010.
.
.
"...Goldman Sachs, which had made such a big show of being reluctant about accepting $10 billion in TARP money, was quick to cash in on the secret loans being offered by the Fed. By the end of 2008, Goldman had snarfed up $34 billion in federal loans – and it was paying an interest rate of as low as just 0.01 percent for the huge cash infusion. Yet that funding was never disclosed to shareholders or taxpayers, a fact Goldman confirms. "We did not disclose the amount of our participation in the two programs you identify," says Goldman spokesman Michael Duvally.
Goldman CEO Blankfein later dismissed the importance of the loans, telling the Financial Crisis Inquiry Commission that the bank wasn't "relying on those mechanisms."
"Stephen Friedman, a Goldman director who was also chairman of the New York Fed, bought more than $4 million of Goldman stock over a five-week period in December 2008 and January 2009 – years before the extent of the firm's lifeline from the Fed was made public."
Matt Taibbi
.
.
If former New York Fed Chairman and Goldman Sachs' alumni Stephen Friedman knew about secret loans to Goldman in 2008 and 2009, how did he not buy GS with unknown information?
.
.
I provided information to Matt Taibbi on Goldman Sachs' Stephen Friedman, which he subsequently reported.
.
.
I believe Mrs. White has a stake in the outcome of Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010, in that her husband allowed Goldman Sachs to not report what they should have while he was in charge of company reporting.
I believe John White may be guilty of defrading taxpayers by purposefully overlooking wrongdoing via Sarbanes Oxley during his tenure at the SEC.
.
.
Previously;
The JP Morgan Jamie Dimon/Matt Taibbi Edition of why SEC Chair Mary Jo White needs to recuse herself from Hartzman v Wells Fargo
On SEC Chair Mary Jo White needing to recuse herself from Hartzman v Wells Fargo
.
.
"...Goldman Sachs, which had made such a big show of being reluctant about accepting $10 billion in TARP money, was quick to cash in on the secret loans being offered by the Fed. By the end of 2008, Goldman had snarfed up $34 billion in federal loans – and it was paying an interest rate of as low as just 0.01 percent for the huge cash infusion. Yet that funding was never disclosed to shareholders or taxpayers, a fact Goldman confirms. "We did not disclose the amount of our participation in the two programs you identify," says Goldman spokesman Michael Duvally.
Goldman CEO Blankfein later dismissed the importance of the loans, telling the Financial Crisis Inquiry Commission that the bank wasn't "relying on those mechanisms."
"Stephen Friedman, a Goldman director who was also chairman of the New York Fed, bought more than $4 million of Goldman stock over a five-week period in December 2008 and January 2009 – years before the extent of the firm's lifeline from the Fed was made public."
Matt Taibbi
.
.
If former New York Fed Chairman and Goldman Sachs' alumni Stephen Friedman knew about secret loans to Goldman in 2008 and 2009, how did he not buy GS with unknown information?
.
.
I provided information to Matt Taibbi on Goldman Sachs' Stephen Friedman, which he subsequently reported.
.
.
I believe Mrs. White has a stake in the outcome of Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010, in that her husband allowed Goldman Sachs to not report what they should have while he was in charge of company reporting.
I believe John White may be guilty of defrading taxpayers by purposefully overlooking wrongdoing via Sarbanes Oxley during his tenure at the SEC.
.
.
Previously;
The JP Morgan Jamie Dimon/Matt Taibbi Edition of why SEC Chair Mary Jo White needs to recuse herself from Hartzman v Wells Fargo
On SEC Chair Mary Jo White needing to recuse herself from Hartzman v Wells Fargo
"Mr. Hartzman does not identify any specific reporting practice by Wells Fargo with respect tho these "secret" loans
Sent: Wednesday, February 22, 2012 10:37 AM
from: george.hartzman@wellsfargoadvisors.com to: aaron.l.landry@wellsfargoadvisors.com, danny.ludeman@wellsfargoadvisors.com, john.g.stumpf@wellsfargo.com, d.carroll@wellsfargo.com, stacey.mitchell@wellsfargoadvisors.com, don.geczi@wellsfargoadvisors.com, baconmij@wellsfargo.com, bill.rogers@wellsfargoadvisors.com, doug.lowe@wellsfargoadvisors.com, BoardCommunications@wellsfargo.com, karl.f.riem@wellsfargo.com, Grant.Carlson@wellsfargo.com, Bruce.J.Berrol@wellsfargo.com
Attachments; 10k.doc
.
.
“LIQUIDITY AND FUNDING
Asset liquidity is further enhanced by our ability to sell or securitize loans in secondary markets and to pledge loans to access secured borrowing facilities through the Federal Home Loan Banks, the Federal Reserve Board, or the U.S. Treasury.
[Ability doesn't mean borrowed]
Short-term borrowings averaged $65.8 billion in 2008 and $25.9 billion in 2007, an increase of $39.9 billion due to business funding needs.”
Wells Fargo 2008 10k
[no mention of FED TAF loans or Discount Window borrowing]
.
.
Falsification of any company…information that you provide is prohibited.
Falsification refers to knowingly misstating, altering, adding information to, or omitting or deleting information …which results in something that is untrue, fraudulent, or misleading.
Wells Fargo’s Code of Ethics and Business Conduct
.
.
“Asset liquidity is further enhanced by our ability to sell or securitize loans in secondary markets and to pledge loans to access secured borrowing facilities through the Federal Home Loan Banks, the FRB, or the U.S. Treasury.
Short-term borrowings averaged $52.0 billion in 2009 and $65.8 billion in 2008.
We reduced short-term borrowings due to the continued liquidation of previously identified non-strategic and liquidating loan portfolios, soft loan demand and strong deposit growth.”
2009 10k
[no mention of FED TAF loans or Discount Window borrowing]
.
.
Short-Term Borrowings
2007: 53,255.0
2008: 108,074.0
2009: 38,966.0
2010: 55,401.0
[no mention of FED TAF loans or Discount Window borrowing]
.
.
Sarbanes–Oxley Act
...mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports.
...Section 302 requires that the company's "principal officers" (typically the Chief Executive Officer and Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly.
Title IV ...requires timely reporting of material changes in financial condition...
Sarbanes-Oxley required the disclosure of all material off-balance sheet items.
It ...specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports.
...The CEO and CFO are now required to unequivocally take ownership for their financial statements under Section 302…
Title IV ...requires timely reporting of material changes in financial condition...
Sarbanes-Oxley required the disclosure of all material off-balance sheet items.
Wikipedia
from: george.hartzman@wellsfargoadvisors.com to: aaron.l.landry@wellsfargoadvisors.com, danny.ludeman@wellsfargoadvisors.com, john.g.stumpf@wellsfargo.com, d.carroll@wellsfargo.com, stacey.mitchell@wellsfargoadvisors.com, don.geczi@wellsfargoadvisors.com, baconmij@wellsfargo.com, bill.rogers@wellsfargoadvisors.com, doug.lowe@wellsfargoadvisors.com, BoardCommunications@wellsfargo.com, karl.f.riem@wellsfargo.com, Grant.Carlson@wellsfargo.com, Bruce.J.Berrol@wellsfargo.com
Attachments; 10k.doc
.
.
“LIQUIDITY AND FUNDING
Asset liquidity is further enhanced by our ability to sell or securitize loans in secondary markets and to pledge loans to access secured borrowing facilities through the Federal Home Loan Banks, the Federal Reserve Board, or the U.S. Treasury.
[Ability doesn't mean borrowed]
Short-term borrowings averaged $65.8 billion in 2008 and $25.9 billion in 2007, an increase of $39.9 billion due to business funding needs.”
Wells Fargo 2008 10k
[no mention of FED TAF loans or Discount Window borrowing]
.
.
Falsification of any company…information that you provide is prohibited.
Falsification refers to knowingly misstating, altering, adding information to, or omitting or deleting information …which results in something that is untrue, fraudulent, or misleading.
Wells Fargo’s Code of Ethics and Business Conduct
.
.
“Asset liquidity is further enhanced by our ability to sell or securitize loans in secondary markets and to pledge loans to access secured borrowing facilities through the Federal Home Loan Banks, the FRB, or the U.S. Treasury.
Short-term borrowings averaged $52.0 billion in 2009 and $65.8 billion in 2008.
We reduced short-term borrowings due to the continued liquidation of previously identified non-strategic and liquidating loan portfolios, soft loan demand and strong deposit growth.”
2009 10k
[no mention of FED TAF loans or Discount Window borrowing]
.
.
Short-Term Borrowings
2007: 53,255.0
2008: 108,074.0
2009: 38,966.0
2010: 55,401.0
[no mention of FED TAF loans or Discount Window borrowing]
.
.
Sarbanes–Oxley Act
...mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports.
...Section 302 requires that the company's "principal officers" (typically the Chief Executive Officer and Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly.
Title IV ...requires timely reporting of material changes in financial condition...
Sarbanes-Oxley required the disclosure of all material off-balance sheet items.
It ...specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports.
...The CEO and CFO are now required to unequivocally take ownership for their financial statements under Section 302…
Title IV ...requires timely reporting of material changes in financial condition...
Sarbanes-Oxley required the disclosure of all material off-balance sheet items.
Wikipedia
"SEC Charges City of Harrisburg for Fraudulent Public Statements" and Hartzman v Wells Fargo with a Mash Up
"Washington, D.C., May 6, 2013 — The Securities and Exchange Commission today charged the City of Harrisburg, Pa., with securities fraud for its misleading public statements when its financial condition was deteriorating and financial information available to ...investors was incomplete...
Wells Fargo's "Envision is [not] an advisory tool..., but is instead an "information gathering" and discussion generating tool"
"Clients have no expectations that the Envision program provides a guaranteed outcome."
Gregory C. Keaton, attorney for Wells Fargo against George Hartzman
.
.
Section 206 of the Investment Advisors Act of 1940 states "It shall be unlawful for any investment adviser, …to employ any device, scheme, or artifice to defraud any client or prospective client; to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client; or... to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative."
.
.
A Wells Fargo "Internal Use Only" document "Presenting Envision results that matter" (0211-5064) states "Although it may be unintended and clearly disclosed away, this report will serve as a guarantee (in the eyes of the client) of how reality should unfold. It illustrates what they should have in taxable assets in 2013, their tax bill in 2015 and their net portfolio withdrawal in 2020. No matter how many disclosures that are made, how else would you perceive this report if you were a client?" and "With the Envision process, the job is to focus on what matters: the client’s confidence and comfort in achieving the goals they value most. Presenting results that matter is what creates the confidence and comfort the client desires."
Wells Fargo Advisor's "Presenting Envision results that matter" states "If the client has any doubts about the underlying assumptions, Advisors should be prepared to provide clarity and rationale. Observe that this is based on “IF” the client has doubts about assumptions, which means advisors do not need to burden clients with a detailed explanation of the assumptions if they are not in doubt of your ability to understand their goals and priorities." and "If the client asks you how their confidence is measured, this will require a careful explanation but it should not be focused on mathematics. Instead, the focus should be on the results of the math." And "If you fall into the red, above target zone, you are making needless sacrifices to your lifestyle...," meaning some clients may be spending more than they "should", if investment fees are not included in Envision plan target zone calculations.
Section 36 of the Investment Advisors Act of 1940 states "The Commission is authorized to bring an action...alleging that a person ...is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct in respect of any registered investment company for which such person so serves or acts, or at the time of the alleged misconduct, so served or acted — as ...investment adviser...”
“...the investment adviser … shall be deemed to have a fiduciary duty with respect to the receipt of compensation for services, or of payments of a material nature, paid by such registered investment company… to such investment adviser… An action may be brought … by the Commission...against such investment adviser... who has a fiduciary duty concerning such compensation or payments, for breach of fiduciary duty in respect of such compensation or payments paid by such registered investment company...to such investment adviser or person. …It shall not be necessary to allege or prove that any defendant engaged in personal misconduct, and the plaintiff shall have the burden of proving a breach of fiduciary duty."
Gregory C. Keaton, attorney for Wells Fargo against George Hartzman
.
.
Section 206 of the Investment Advisors Act of 1940 states "It shall be unlawful for any investment adviser, …to employ any device, scheme, or artifice to defraud any client or prospective client; to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client; or... to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative."
.
.
A Wells Fargo "Internal Use Only" document "Presenting Envision results that matter" (0211-5064) states "Although it may be unintended and clearly disclosed away, this report will serve as a guarantee (in the eyes of the client) of how reality should unfold. It illustrates what they should have in taxable assets in 2013, their tax bill in 2015 and their net portfolio withdrawal in 2020. No matter how many disclosures that are made, how else would you perceive this report if you were a client?" and "With the Envision process, the job is to focus on what matters: the client’s confidence and comfort in achieving the goals they value most. Presenting results that matter is what creates the confidence and comfort the client desires."
Wells Fargo Advisor's "Presenting Envision results that matter" states "If the client has any doubts about the underlying assumptions, Advisors should be prepared to provide clarity and rationale. Observe that this is based on “IF” the client has doubts about assumptions, which means advisors do not need to burden clients with a detailed explanation of the assumptions if they are not in doubt of your ability to understand their goals and priorities." and "If the client asks you how their confidence is measured, this will require a careful explanation but it should not be focused on mathematics. Instead, the focus should be on the results of the math." And "If you fall into the red, above target zone, you are making needless sacrifices to your lifestyle...," meaning some clients may be spending more than they "should", if investment fees are not included in Envision plan target zone calculations.
Section 36 of the Investment Advisors Act of 1940 states "The Commission is authorized to bring an action...alleging that a person ...is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct in respect of any registered investment company for which such person so serves or acts, or at the time of the alleged misconduct, so served or acted — as ...investment adviser...”
“...the investment adviser … shall be deemed to have a fiduciary duty with respect to the receipt of compensation for services, or of payments of a material nature, paid by such registered investment company… to such investment adviser… An action may be brought … by the Commission...against such investment adviser... who has a fiduciary duty concerning such compensation or payments, for breach of fiduciary duty in respect of such compensation or payments paid by such registered investment company...to such investment adviser or person. …It shall not be necessary to allege or prove that any defendant engaged in personal misconduct, and the plaintiff shall have the burden of proving a breach of fiduciary duty."
The JP Morgan Jamie Dimon/Matt Taibbi Edition of why SEC Chair Mary Jo White needs to recuse herself from Hartzman v Wells Fargo
I believe Mrs. White has a stake in the outcome of Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010
If I provided Rolling Stone's Matt Taibbi among others information concerning Mrs. White's former JP Morgan client Jamie Dimon about insider trading, and my OSHA/DOL filing, which the SEC can be involved in, and may already be involved in, includes information concerning JP Morgan's Jamie Dimon, which is material and relative to the veracity of my case, I believe Mrs. White should recuse herself from any involvement.
If I provided Rolling Stone's Matt Taibbi among others information concerning Mrs. White's former JP Morgan client Jamie Dimon about insider trading, and my OSHA/DOL filing, which the SEC can be involved in, and may already be involved in, includes information concerning JP Morgan's Jamie Dimon, which is material and relative to the veracity of my case, I believe Mrs. White should recuse herself from any involvement.
Matt Taibbi Emails; Wells Fargo, KPMG, Don Vaughan, BBT, Kelly King, Nido Qubein and Ally Financial
From: george hartzman To: Matt Taibbi
I am laughing to myself, as my wife who works with teenagers who get pregnant just told me a story about this girl trying to get formula for her newborn, after last week my wife Robin drove this girl to bail the father out of jail as I wait for what may be a national reporter who could change my life prove he's real.
She works for teen parent mentor program at the local YWCA.
Hopefully, if you end up being full shit, you may regret it a little with that, which unfortunately is a very too true anecdote, unless you're not, at which time I will apologize.
gh
I am laughing to myself, as my wife who works with teenagers who get pregnant just told me a story about this girl trying to get formula for her newborn, after last week my wife Robin drove this girl to bail the father out of jail as I wait for what may be a national reporter who could change my life prove he's real.
She works for teen parent mentor program at the local YWCA.
Hopefully, if you end up being full shit, you may regret it a little with that, which unfortunately is a very too true anecdote, unless you're not, at which time I will apologize.
gh
4/28/13
On December 8, 2011, I became a participant in an investigation of what looked like fraud on Wachovia's shareholders
From Wells Fargo's attorney's book;
4/23/13
George v $WFC Part One, Scene Two; Hartzman emails to @MTaibbi on $JPM's #JamieDimon, with some Bloomberg's @bobivry
From: George Hartzman... To: Matthew Taibbi, Rolling Stone Magazine
"Insider Trading
"Insider Trading
4/22/13
Hartzman versus Wells Fargo Advisors, Part One, including some emails from Rolling Stone's Matt Taibbi
I also believe "12 U.S.C.A. §5567 Consumer Financial Protection Act of 2010 (CFPA), Section 1057 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010" is also applicable to portions of this case.
It appears "The American Recovery and Reinvestment Act of 2009" (ARRA) may also apply.
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