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

18 Responses

  1. Barry Fagan v Wells Fargo Bank Re: Six Requests for Judicial Notice Concerning Document Fraud, Predatory Lending, Loan Application Fraud, Discovery Act Abuse, and Robo-Signing

    http://www.scribd.com/doc/86574486/Barry-Fagan-v-Wells-Fargo-Bank-Re-Six-Requests-for-Judicial-Notice-Concerning-Document-Fraud-Predatory-Lending-Loan-Application-Fraud-Discovery-Ac

  2. Wishful thinking
    javascript:void(0);

  3. NOP, these are not investors, but speculator shareholders, who complain why bank’s robosigners were caught. They want Wells Fargo to enhance the foreclosure process. probably they mean that just to do away with everything, by hiring armed gangs (county sheriffs) to throw people out of their homes at gun-point.

  4. @Deborah Wynn
    I have been pondering the same question since 2008. It’s difficult to see through the fog.

  5. Some of us receive e mails to reactive accts with wells that don’t exist…..you wonder how people are scapegoated.

  6. so who pays the attys showing up in court “representing” HSBC trustee for bla bla bla….who produce the trustees deed upon sale, who

  7. dan,

    i have the complaint of the shareholder samuel montini but can’t access the status of the case in Sf superior court. the case no. CGC-11-514467 is invalid case number when i used the website. can you tell me the status of this case if you have access please?

  8. How do current shareholders join. I was lied to ,robosigned against, other letters that can be used. I want my home back.
    Stan
    Racine WI

  9. The dog and pony show of this is:
    The robosigner got the paperwork from within the company.
    Someone somewhere loaded names and mortgage information into computers as if it/they were property of Wells.
    They printed them out as if they were in default. Even if the robosigners had reviewed the documents without just signing, it would have looked like Wells claimed a mortgage and it was in default.
    What we know is they could give them full accounting, defective or otherwise and we’d still have signatures of living people authorizing a theft from an inanimate corporation.

    See the dog, see the pony.
    If the information had not been in Wells computer.
    If the information had not been printed on a Wells printer.
    If the information had not been put in front of a living and breathing signer who was receiving a paycheck from Wells.

    None of the rest of this could happen.

    Just calling it like it is…they will continue to redirect your eyes.
    See the pretty ball in this hand? Don’t look at the other hand, keep your eyes on the pretty ball.

    Trespass Unwanted, corporeal, life, a Free and Independent State, a Free People, Allodial, In Jure Proprio, Jure Divino

  10. Good questions and points made.
    In regards to #7.

    There is no multi-state settlement. No judge would sign off on such a treasonous document if they have taken an oath of office and if the judge hasn’t taken an oath of office they have no business reviewing and signing off on such a treasonous settlement with economic terrorists and their minions pretending to represent the Free and Independent States.

    Trespass Unwanted, corporeal, life, a Free and Independent State, a Free People, Allodial, In Jure Proprio, Jure Divino

  11. @ Javagold—–You said it perfectly in just 3 words.

    @ lies is all they tell—-They get away with it anf it will continue because our society cannot stand someone not paying their mortgage. And as long as the banks and their lowlife f/c mills keep that message alive, then there will be no change. It makes no difference if you did (in some cases) or didn’t make your payments, if they say you are in default as they claim, they they just sealed your fate. Wells stole my house and they will continue to do this because they can. Wells has a black heart, no soul and they are doing the devil’s work. But there will be one day when the devil is done with them and will lead them straight to hell. Keep the faith and keep fighting.

  12. I couldnt be happier to see this!! A Copy of this case should be sent to EVERY Foreclosure Judge in the Country!

  13. This is fabulous! I am so happy right now and I agree with Javagold.

  14. Scapegoating, Neil? Are you sure you’re using the proper word? They are going after the culprits. Where is it scapegoating?

    I call it “Seeking justice and retribution”. Nothing wrong with that. But I do agree that foreclosures have to be stopped. If they’re not, squat in your house. Don’t let anyone quick you out. That’s what OWS is all about.

  15. Sorry misread it – thought it was Wells Fargo execs suing the lower totem pole individuals (but I could imagine that happening too). I better take a break from reading livinglies and get back to my life instead of the other way around. Lawsuits like this will change the landscape. Courts cannot ignore investors like they do homeowners. If investors ultimately show that foreclosures occurred illegally isn’t that also doing the work for homeowners?

  16. Seems like a desperate act to shift liability on individual peons (who individually misbehaved and may be shown to be ignorant and just making mistakes ie no systemic big bank way of doing business policy – intentional fraud by those who knew it was fraud – and not ceo’s fault) because it isn’t a secret anymore and people are clamoring for prosecution. Seems like it could backfire though…..the peons probably have plenty of dirt to sling in their defense.

  17. so what is everyones thoughts about this. does everyine thinkthat a conviction will stop foreclosures. isnt this enough to stop foreclosures. i do not understand how this foreclosure machine can continue. making families homeless when these people sit on their trones and allow this to happen. please everyone what are your thoughts. so much for these evilnaysayers blaming this scam on us that is so insulting. 2 years ago when this started and even today somepeople still say “i am current and if you dead beats would just pay there wouldnt be a crisis” and i want to say well if wells fargo woulndt have put a 20 year veteran RN in a stated income loan and let their mortgage broker falsify income or would have modified my mortgage where i could afford it and not lose my paper work and then tell me not to pay my mortgage to re qualify for a modification and then send forged foreclosure documents. we would all be ok today. OU men in construction and manufacturing would have jobs our kids wouldnt be afraid of having to go live with aunt hagatha and her 10 cats next year ans smell like cat pee going to school. this is a crime and needs to be treated as such. opinion folks on this lawsuit????.

  18. Hang John Stumpf

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