CHASE BOMBSHELL! Investigator Bill Paatalo Follow-Up: JPMorgan Chase Ordered To Produce Wire Transfers Of Borrower’s Payments To Trust

Follow-Up: JPMorgan Chase Ordered To Produce Wire Transfers Of Borrower’s Payments To Trust

https://bpinvestigativeagency.com/jpmorgan-chase-ordered-to-produce-wire-transfers-of-borrowers-payments-to-trust/

On February 23, 2018 JPMorgan Chase filed an emergency motion seeking clarification and an in camera review. (See: Chase Emergency Motion – Proodian (1)  ) Here are some excerpts from the motion with my comments in CAPS:

II. ARGUMENT

A. Motion For Clarification And Request For In Camera

13. The Order specifically orders Chase to produce “(1) wire transfer history for Plaintiff’s account reflecting payments made to JPMorgan Chase Bank, N.A. and forwarded to Wells Fargo, or any other entity, via wire transfer.

14. After a diligent search, Chase is not in possession, custody or control of documents responsive to the Order as phrased.

15. Specifically, Chase does not maintain loan level information regarding its payments to the investor, Wells Fargo. In other words, Chase does not have a wire transfer history to Wells Fargo (or any other entity) for Plaintiff’s account alone. [“DOES NOT MAINTAIN LOAN LEVEL INFORMATION TO THE INVESTOR?” THIS STATEMENT SHOWS A COMPLETE DISCONNECT WITH THE CASH-FLOW BETWEEN A BORROWER AND THE ALLEGED INVESTOR(S), AND CLEARLY SUGGESTS THAT THERE IS NO WAY TO PROVE, THROUGH VERIFIABLE ACCOUNTING, THAT THE ALLEGED INVESTOR(S) RECEIVE THE ACTUAL PAYMENTS “FROM THE BORROWER.” WHEN IT COMES TO ACCOUNTING, PLAYING “HORSESHOES & HAND GRENADES” WHERE CLOSE ENOUGH IS ALL THAT MATTERS ISN’T GOING TO CUT IT, NOR SHOULD “TRUST US YOUR HONOR.”]

16. The records that Chase maintains, therefore, show the total monthly payment (in millions of dollars) made to Wells Fargo, regardless of whether any individual borrower in the pool made their payment to Chase. [WELLS FARGO GETS PAID “REGARDLESS OF WHETHER ANY INDIVIDUAL BORROWER IN THE POOL MADE PAYMENT TO CHASE.” FIRST OF ALL, WELLS FARGO IN THIS INSTANCE IS THE TRUSTEE, AND NOT THE “INVESTOR” AS THEY WANT THE COURT TO BELIEVE. WHERE DOES THE MONEY GO FROM WELLS FARGO? AGAIN, HERE IS AN ADMITTED DISCONNECT IN THE MONEY TRAIL THAT CHASE, AND ALL OTHERS SIMILARALY SITUATED, DO NOT WANT ANYONE TO SEE. IN FACT, CHASE ARGUES IN THIS CASE THAT BORROWER’S AREN’T ENTITLED TO, AND DON’T HAVE STANDING TO DEMAND ALL THE ACCOUNTING INFORMATION BETWEEN THE SECURITIZATION PARTICIPANTS. REALLY? THIS IS NOTHING BUT DIVERSION FROM THE FACT THAT CHASE CANNOT PRODUCE THE MONEY TRAIL ON THIS BORROWER’S LOAN, OR ANY SECURITIZED LOAN.]

17. Chase’s records will show (i) Plaintiff’s loan is part of the pool of loans; and (ii) that Chase makes one large lump sum payment to Wells Fargo each month for that pool, regardless of whether it receives a payment from Plaintiff’s.

18. In short, the documents that Plaintiffs seek and were the subject of the Court’s recent discovery Order – i.e. wire transfer history for Plaintiff’s account alone – do not exis[t.] [THERE WE HAVE IT, FOLKS. THERE IS NO WIRE TRANSFER HISTORY FOR ANY INDIVIDUAL ACCOUNT SHOWING PAYMENTS TO ANY INVESTOR(S). THEY “DO NOT EXIST.” I STILL FIND THIS HARD TO BELIEVE. CHASE IS ESSENTIALLY SAYING THAT IT SENDS MILLIONS OF DOLLARS EACH MONTH TO WELLS FARGO ON BEHALF OF A POOL OF LOANS, BUT CANNOT BREAK DOWN THAT LUMP SUM PAYMENT TO SHOW THE ORIGINS AND SOURCES OF THESE PAYMENTS? AND, WELLS FARGO ISN’T SEEKING TO KNOW THE ORIGINS AND SOURCES OF THESE ENORMOUS SUMS OF MONEY? WITHOUT ANY FORMAL ACCOUNTING, “RED FLAGS” OF PONZI SCHEMES AND MONEY LAUNDERING ARE FLYING HIGH.]

Bill Paatalo

Private Investigator – OR PSID# 49411

BP Investigative Agency, LLC

bill.bpia@gmail.com

 

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