The one main thing missing from the recent escalation in charges against the major banks in regard to the fraudclosure scandal has been an internal whistleblower who can corroborate that all the charges against the various illicit mortgage practices. After all, it is one thing to lay allegations, and totally different for a court of law to find that these are validated.
So far it is precisely the latter that has been missing as no court is willing to escalate an issue that could potentially unwind decades of mortgage securitization. Yet all that may be about to change. Daily Finance’s Abigail Field presents the case of one Linda Almonte, a former employee of JPM, who is not only suing the bank for wrongful termination, but has now also filed a whistleblower complaint with the SEC.
Filed says: “The core allegations add context to her lawsuit, and they charge Chase with grotesque and illegal practices involving its credit card debt processes, including robo-signing.”
Sure enough, JP Morgan is denying everything. Yet a close look at the details presented by Almonte indicates that either she is blatantly lying, or JPM may be in water just as hot as Bank of America.
Per the formerly confidential statement, Almonte’s 5 main allegations regarding JP Morgan are as follows:
1. Chase Bank sold to third party debt buyers hundreds of millions of dollars worth of credit card accounts. . .when in fact Chase Bank executives knew that many of those accounts had incorrect and overstated balances.
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