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Commentary: The $70 billion Puerto Rico bond fraud
Published on April 6, 2017Email To Friend    Print Version

By Richard Lawless

Senator Jeff Sessions apparently participated in a $70 billion Wall Street bond fraud and is now using his position as attorney general to squash all criminal investigations.

Richard Lawless is a former senior banker who has specialized in evaluating and granting debt for over 25 years. He has a Master’s Degree in Finance from the University of San Diego and Bachelor’s Degree from Pepperdine University. He sits on several corporate boards and actively writes for several finance publications. Reference material is available at .
In April through June of last year, Senator Sessions’ office was provided with Securities and Exchange Commission (SEC) financial audits and legal documents reflecting widespread criminal behavior by Wall Street executives. This activity resulted in the issue of $70 billion in fraudulent Puerto Rico municipal bonds.

Aware of this activity, the senator moved forward to vote for the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) legislation in June, revoking all the legal rights of the innocent bond holders and confiscating the remainder of their money. PROMESA even prevented any of the victims from suing. The senator was handsomely rewarded with political contributions from those who benefited and possibly the attorney general position.

As attorney general, Sessions has used his authority to kill any investigations by the FBI or any prosecution by the US Attorney’s office.

According to the SEC, 69 percent of these bonds were purchased by retail investors (individuals) to supplement their retirement income. To date, $34 billion has been stolen and the rest is under the control of those that committed the crimes.

There are thousands of cases of documented wire fraud and mail fraud related to this criminal enterprise. There are civil rights issues and endless Dodd-Frank securities violations. Several private parties, desperate for justice, have filed Racketeer Influenced and Corrupt Organizations (RICO) Act lawsuits.

A few months ago, six senators wrote to the SEC and FBI requesting they investigate this further. The Department of Justice has ignored all the requests. The SEC will not comment.

Tuesday, June 14, 2016
WASHINGTON, DC – On the day Mary Jo White, Chair of the Securities and Exchange Commission (SEC), appeared before the Senate Banking Committee, U.S. Senator Bob Menendez (D-N.J.) led a letter to her calling on the agency to investigate potential fraud and illegal conduct, which may have contributed to Puerto Rico’s debt crisis. Sens. Elizabeth Warren (D-Mass.), Chuck Schumer (D-N.Y.), Kirsten Gillibrand (D-N.Y.), Bernie Sanders (D-Vt.), Jeff Merkley (D-Ore.) and Richard Blumenthal (D-Conn.) co-signed the letter.

This is a case that redefines political corruption and our legislators need to vote for a special prosecutor to get to the bottom of this.
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Interesting. I don't accept everything as fact without evidence but this seems like it's possible, since Corporations have been abusing PR for a long time this could be true. But what're they going to do about it? Probably nothing.

Island Living:

I guess the "Swamp" hasn't been drained yet?

I personally think the whole lot of them are corrupt in one way or another. That's what money does to people.


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