The Credit Default Swap game was very lucrative for a while but became a high end pyramid scheme once everything began to collapse.
Then the consumer home loans began to
fail so did the issuance of the Credit Default Swap and this instrument was not
worth the paper it was written on, because there was no insurance ability to
cover the loss when Americans began to loss job's and could not afford their mortgage payments.
Now what I have found is a new level of the same type of so-called legal "Until We Get Caught Scheme", which is using Merchant Leasing Agreements (this involves credit acceptance Terminals) whereby the business owner is contacted by business (A) which includes numerous independent businesses and or subcontractors who then act as mules using various sales pitches to convince business owners they need merchant accounts for their business, the "Mules" setup a application form which the business owner is given and or is told about the service by phone, whereby all of their information real or not is placed on the application and then moved throughout the circle of command and created into a Lease, many of the victims tell tales of not seeing any agent, just receiving a call over the phone and then billed, at other points the victims who needed the equipment shared their banking information, such as routing numbers and other account numbers so thus giving them access to their accounts, but what is amazing is that they use a NON Cancellation Agreement but within the form the lease ends within so many months. Then the lease is for equipment which is for about $49-60 whereby all other charges are based on use. This company charges people no matter if they use the equipment have sales or not and the amounts are staggering! Some of the victims complain of money being removed electrically from they're bank account for as much $10k and up. The banking transactions in many cases come after 5-6- 7 yrs whereby no money is ever collected then within the 8 yr they will go into the business owners account and attempt to remove $2,3k in one day and or keep entering in transactions until the business owners account has to be shutdown. There have been complaints from Katrina victims whose businesses washed away in 2005 they have nothing and are in debt because they are being charged fees for machines they don't have. Others having complained of forgery whereby they claim that the so-called merchant account they refused but ended up on paperwork anyway.
Answer: this leasing corporation which operates within over 23 Corporations licensed in New York then using other enlisted mule agents in other states like Florida and California, they have a number of other companies many of which are found within the list below:
In fact within the city of Chicago the person who registered the business license when they were within the
Chicago address lives in St. CharlesIllinois. And there is no other parties involved within any licensing even revoke residing in Chicago.They also have corporations under other names, are tied into banks, insurance companies all over the nation. And they were sued for the issue of consumer fraud in the state of New York and Missouri by the Attorney Generals within those states. All Better Business Bureau's have complains on file against them concerning the same complains and in Illinois alone they have a total of 760 filed to date (July 2010)
The game is moving these non-cancellable leasing into the hands of a top leasing capital funding corporation which is a 35% owner of Leasing companies assets and formed also 52.75% for which they have ownership interest in the Leasing , LLC they in turn take the leases at and interest rate of 18% and then trade in as credit derivatives using one company called Goldman Sachs.
What they are doing is the very same thing as within the credit default swaps that caused a major problem within the mortgage bundles being traded within the secondary market, within a very largest than life capital funding company operating out of NYC, whose President within a corporate veil with others involved in trading paper (non-cancellable Lease Agreements) using this as being backed by consumer businesses to level credit derivatives internationally. Thus many Trillions off the backs of the small Business owners all whom have less than $100k in receivables.
Currently there are more than 3 failed class action lawsuits filed in New York City, and two others within New York in which one was allowed as a class, and may have upwards to over 300,000 small business victims, These lawsuits were filed by the Law Firm of Krishnan Chitturr, within the attorney's comment on the case, he had stated " There could be a lot of money at stake for the alleged victims, You're talking about $18 millions dollars a year and it's been going for 10 yrs so you're talking about $180 million a year, Chittur said.
Why No Shutdown?
As within the mortgage industry will this become the next over-looked white collar crime which it seems cannot be seen as criminal but instead within the use of fake lease agreement some alleged forged and other gotten by a massive team of telemarketers and street sales hustlers their method seems untouchable. Or is it just like Bertie Madoff, wrote to me in a e-mail a very simple accounting equation, so simple that it goes over the heads of those cannot see the ties in the direction of fraud.
One of the alleged members of this elite Corporation within its many affiliates and multi-level corporations which are registered within the state of New York as; Leasing Group I, II, III, IV, V, and roman numerals going to 21, then within another 30-40 LLC's known as within the lease community dealing with merchant accounts out of in Chicago, Ohio, California, The Merchant Services and other blankets of corporations all using various Presidents and Secretary's out a pool of 10 names, of top executives and others who may have commented other financial crimes under other names and barred/banned from doing any other business upon release from prison. The issue is that it seems that the current structure of American Business has no fail safe to prevent criminals whose willful intent is to steal and remove capital in order to feed into their gambling habits using the option markets and other levels of trades to create more and more money.
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