JPMorgan Chase Accused of Bankruptcy Fraud

Posted on January 17, 2012 at 12:46pm by

Allegedly, JPMorgan Chase has routinely fabricated documents with the intent of deceiving bankruptcy judges in tens of thousands of bankruptcy cases. Lead plaintiff Ernest Michael Bakenie claims in a federal class action lawsuit that Chase has “fabricated assignments, endorsements and affidavits that purport to transfer deeds of trust, notes, and the rights to all monies due under the terms of tens of thousands of non-negotiable promissory notes.”

Bakenie also claims that JPMorgan Chase used a vast network of attorneys to file thousands of motions for relief from automatic stay in bankruptcy cases, rewarding their attorneys based on how quickly they can secure the stays, Courthouse News Service reports.



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