By Matthew Russell Lee, Patreon
FEDERAL COURTHOUSE, Dec 20 – Umpqua Bank now has a Ponzi scheme class action lawsuit against it proceeding to trial. This while its 2021 nationwide mortgage lending record, reviewed by Fair Finance Watch using Home Mortgage Disclosure Act data, is disparate.
In 2021 nationwide Umpqua made 16,883 mortgage loans to this, with 1560 denials to whites - which making only 178 loans to African Americans, with 27 denial to African Americans.
Inner City Press, which covers the DOJ and regulators, is questioning their lack of action on these disparities. In the lawsuit, per counsel,
An Umpqua Bank employee admitted that she removed Casey’s name from PFI’s bank records at the company’s request, even though Umpqua documents show it knew Casey was a convicted felon with a history of financial crime.
An Umpqua Bank employee regularly transferred funds to Casey’s personal bank accounts from PFI bank accounts, which she knew were used to intake money from new investors.
PFI’s private banker at Umpqua warned PFI that an investor’s concerned attorney had contacted the bank, but the banker assured PFI that “they got nothing from us.”
Umpqua’s automated fraud monitoring system repeatedly warned the bank of suspicious activity involving investor money.
So where are the regulators, other than rubberstamping mergers? Watch this site.
The case is 20-cv-5905 (NDCA).
Rakim Brown was detained awaiting trial on drug and gun charges. Then he pleaded guilty.
On February 8, 2021 U.S. District Court for the Southern District of New York Judge Sidney H. Stein held a proceeding about Brown's access to discovery. Inner City Press covered it.
On November 7, 2022 he was sentenced to 150 months imprisonment, with a facility as near as possible to Decatur, Georgia recommended. Inner City Press live tweeted, thread here:
OK- now at a sentencing for a 27 year old defendant / shooter with 28 grams of crack, who faces mandatory 10 years on top of 63 to 78 months for narcotics conspiracy. The latter, judge just said, will be varied down due to conditions in MDC jail.
Defense lawyer: He's had COVID three times while incarcerated in the MDC..
Judge: Is he vaccinated?
Defense lawyer: No. He doesn't trust the MDC. And he only has one kidney.
Assistant US Attorney: He perjured himself, sitting right next to you. He has no remorse for the shooting. He coordinated the beating and shooting of the girlfriend of the man he believed shot his brother.
Defense: We believe the officers perjured themselves.
Defendant: There are things I can't take back. I've thought about them in my cell. I was young and still trying to find my way. Judge: But you lied, just a few months ago. Defendant: The police turned everything around. Judge: I was here. But you lied.
Defendant: I have a 4 year old son. I've barely seen him. Judge: Take a moment. Defendant: In jail, I've been learning about stocks. My brother's in a wheelchair. [He's here in the courtroom]
Defendant: In a better environment, I'll do the right thing. [He asks for prison near Decatur, GA] Judge: I sentence you to 10 years, plus 30 months on Count 1, so 150 months [minus 40 months already served. So, 9 years & 2 months more: 2032 or 2033.
After the sentencing, Brown asked to be able to touch his son. But contact visits are not allowed, he was told, in the courtroom. Perhaps in the facility once he is designated.
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