UFO: Allen Epling captured these images of a mysterious object hovering for hours
The sighting has excited the UFO community online – leading to a group of enthusiasts known as the Ashtar Command Crew claiming the craft to be a ‘Lightship’
Something very strange was spotted high above the skies of Pike County last week leaving those who witnessed the UFO bewildered as to what it could be.
The mystery glowing object which has left people wondering what is flying over their heads was watched by amateur astronomer Allen Epling from his Virgie, Kentucky home for over two hours.
Taking video and pictures of the unusual craft, Epling was just one of thousands who saw the cigar-shaped craft across three states and the part-time star-gazer estimated the UFO to be operating at over 100,000 feet – over twice the height a commercial jet flies.
‘It wasn’t anything I recognised. Definitely not an airplane, and I’ve never seen a helicopter that looked like that,’ said Allen Epling to WSAZ News.
Witnessed across Kentucky, Virginia and Tennessee the UFO was unlike anything the veteran amateur astronomer had ever seen before.
The cigar-shaped craft glowed at regular intervals and it was seen by thousands across three different states
‘Looked like two fluorescent bulbs, side by side, parallel, shining very brightly,’ said Epling. ‘It would get so bright they would seem to merge, and you could see it very clearly with the naked eye. Then it would dim down almost invisible.’
While Epling was intruiged by the mystery hovering object, he was perplexed as to how the craft managed to maintain its position at such a high altitude.
‘I don’t understand how it could stay up there in one place. There was no sign of propellers or any kind of propulsion system. No gas is coming out,’ said Epling.
Police in the area reported that they received a large number of calls about the object but they were unable to find the craft.
‘We received several calls about it, but our trooper was unable to locate any object in the sky,’ said Kentucky State Police Trooper Shaun Little to the Appalachian News Express.
Local airports from Pine County also said that they do not have any records of aicraft flying over their airspace during the hours that Epling videoed and photographed the UFO.
Observed through a Mead 8″ SCT astronomical telescope the unidentified object did not drift more than 10 degrees in any direction and was sighted approximately 60 degrees above the horizon.
Viewed through his astronomical telescope Mr. Epling videoed and photographed the UFO for over two hours
On Epling’s YouTube posting of the UFO video he explained the movement of the craft: ‘I want to emphasize that the object is NOT moving. The picture is unsteady because I had to hold the camera in hand while trying to video it through the eyepiece of the telescope.’
The craft has excited the UFO community nationwide, with some speculating that the craft is in fact an alien spaceship from the Ashtar Galactic Command.
Jose Ignacio Contreras, who operates the blog, Ashtar Command Crew, commented that Epling’s video shows ‘what appears to be two large Lightships recorded in clear skies during day light hours.’ Epling himself is unsure of what exactly the craft is, but is sure that it is of Earthly origin.
‘I’ve wanted to see a UFO all my life,’ he said. ‘I wasn’t scared, I was fascinated, especially to see something out of the ordinary.’
Mr. Epling was sure the object was real - but he was unsure whether it was of alien origin
The Meade 8" SCT astronomical telescope that Mr. Epling used to watch the UFO
"Werner Von Braun gave Carol Rosin a work colleague a mission in 1977. To tell the world about the Nazi controlled secret goverment in the U.S.A. A large part of the NSA, CIA and NASA were infiltrated after project Paperclip brought over 170 Nazi scientists to the USA after the end of world war 2 in 1945. These scientists established a secret order and brought hundreds of Ex Nazi's into the US goverment. They are one of the most powerful groups in the world,. Werner Von Braun the Father of Rocket Science and the NASA space program was so horrified at their plan of world wide genocide he told Carol Rosin. Everything she has predicted since 1977 has come true. The next thing to happen wil be a false E.T attack so that more legislation against the people can be rushed through as an emergency measure.This was predicted by Werner Von Braun In 1977 because he had seen the plan laid out in detail."
Werner Von Braun: Beware Fake Alien Threat from Space
Dr. Wernher von Braun was a top ranking SS officer who was also the head of the Nazi rocket program during WWII. Von Braun was brought to America after the war because our government considered his knowledge and expertise too vital to fall into the hands of our enemies.
Dr. von Braun and his colleagues brought with them a wealth of information gleaned from other top Nazi scientists like his boss, SS General Hans Kammler. Von Braun may have been privy to work on anti gravity propulsion vehicles reputedly under development during the last days of The Third Reich. Over the years of his tenure, von Braun may also have enjoyed access to NASA’s secret programs. It certainly does seem this way, as von Braun apparently began to see the “big picture” regarding the true goals of America’s space program and how the military-industrial complex was manipulating it according to a secret, hidden agenda during the latter years of his life.
Dr. Carol Rosin first met Dr. Wernher von Braun in February of 1974. It was at this time, shortly before his death in 1977, that von Braun confided to Dr. Rosin the details of this secret space agenda. Inviting her into his office, Von Braun stunned Dr. Rosin by describing this plan, point for point, as well as describing in detail exactly where it was all leading: planetary control under an oppressive One World Government.
According to Dr. Rosin, (http://www.youtube.com/watch?v=CaTgOSHbBEI) von Braun then gave her one supreme assignment to thwart this plan: to stop the weaponization of space. Failure to do so would lead to calamity for the human race as a secretive trans-national powe r, already in existence, would move to permanently take control of this planet thru a hoaxed alien invasion from outer space. According to von Braun, space based weapons, later known as the “Star Wars” program, were to be publicly promoted as our space “shield” against the evil Russians. Then they would be promoted as our defense against terrorists from Third World countries (‘rogue’ nations or ‘nations of concern’). Then their necessity would be justified as protection against asteroids and meteors, and the “last card,” the final justification according to von Braun, would be their installation in orbit against an extraterrestrial threat from outer space.
Von Braun told Dr. Rosin that she would begin to notice a certain “spin” on the news, which would illustrate the need to build space-based weaponry because our enemies “might” have these weapons, so our intelligence community would proceed on the assumption that they DO have these weapons. As we now know, this is exactly how the Star Wars program transpired.
According to Wernher von Braun, all of these publicly announced threats were lies. Von Braun cited the reality of nuclear suitcase bombs being available even then, as well as chemical, viral, bacterial and biological terror weapons against which these space based weapons would be useless.
More importantly, von Braun told Dr. Rosin in 1974 that we already had the technology to build anti gravity vehicles and entire transportation systems which did not require so-called ‘fossil’ fuels but instead used “beams” of energy, thereby eliminating all pollution from these sources permanently.
Perhaps Dr. von Braun had seen anti gravity vehicles with his own eyes in Germany before the end of the war, as wel l as their continued development at other secret technology sites afterwards.
Von Braun further told Dr. Rosin that we had the ability to transform our “war” based military/industrial complex into a space and energy industry for the benefit of all of humanity, and that we had the capability of building entirely nonpolluting transportation technologies using this same limitless energy, while ending the arms race without dislocating the jobs associated with it. Mankind could transition to a new industrial paradigm and usher in an era of peace, plenty and prosperity for everyone on Earth.
Of course, what is equally interesting is what Dr. von Braun left unsaid. If space based weapons technologies are not really being developed to protect the U.S. and its allies against rogue nations and their weapons; if, indeed, such weapons are useless against suit case nuclear bombs, as well as chemical, biological and viral weapons, then exactly why are they being developed? Could select populations of resistors, whether nation-states or isolated groups opposed to the coming New World Order, be singled out and eliminated?
That is certainly one possibility. Yet another possibility is that such space based weapons will be part of the “smoke and mirrors” light show designed to terrify the population of the Earth when “Project Blue Beam” debuts, with its false, projected presentation of an alien invasion.
According to Dr. Steven Greer, the head of the “Disclosure Project,” “….the prospect that a shadowy, para-governmental and transnational entity exists that has kept UFO’s secret — and is planning a deception that will dwarf the events of 9/11…” is a scenario that more people within the depths of our government have begun to reveal.
If Dr. Werhner von Braun already knew that anti-gravitic technology existed in 1974, then we must also conclude that part of the coming alien “light show” and invasion scenario scheduled to frighten us into the arms of a One World Government, utilizing the technology described in Project Blue Beam, is based on anti-gravitic “alien” craft under the planetary control of the unseen Illuminati hand which silently moves under the radar of the world’s staged media.
Even Dr. Greer, who had brought Dr. Rosin to Washington D. C. to publicly testify about Dr. von Braun’s warning and concern for the future of humanity based upon the nefarious plans he had uncovered during his tenure at NASA, admits that he was at first skeptical of the reality behind this proposal.
Dr. Greer writes: “Since 1992 I have seen this script unveiled to me by at least a dozen well-placed insiders. Of course, initially I laughed, thinking this just too absurd and far-fetched…. and yet others told me explicitly that things that looked like UFOs, but that are built and under the control of deeply secretive ´black´ projects, were being used to simulate – hoax – ET-appearing events, including some abductions and cattle mutilations, to sow the early seeds of cultural fear regarding life in outer space. And that at some point after global terrorism, events would unfold that would utilize the now-revealed Alien Reproduction Vehicles (ARVs, or reversed-engineered UFOs made by humans by studying actual ET craft) to hoax an attack on Earth.”
The goal of this hoaxed space alien invasion was simple: control thru fear, to drive governments of all nations to submit and unite under one central authority, a One World Government, and as Dr. Greer said: “…to justify eventually spending trillions on space weapons… th us uniting the world in fear, in militarism and war.”
Of course, we have been purposely conditioned over the years to view any space aliens as threatening and predatory. Such films as “Independence Day,” “Alien”, “War of the Worlds” and others produced by Hollywood studios have had their effect on the subconscious mind of the general public. As Dr. Greer states: “…this mental conditioning to fear ET has been subtly reinforced for decades, in preparation for future deceptions.”
The essence of the plan is simple: create an anonymous enemy “out there” in the limitless void of space. As Dr. Greer explains: “By commingling fact with fiction, and by hoaxing UFO events that can look terrifying, The Plan is to eventually crate a new, sustainable, off-planet enemy… Wernher von Braun warned of such a hoax, as a pretext for putting war in space.”
Dr. Carol Rosin revealed this information before the national press in Washington, D.C. where she also said that she was willing to make the exact same statement under oath to Congress. Of course, the official main stream media never saw fit to make mention of this startling pronouncement by Dr. Rosin.
The possibility of an “off planet” space fleet already in existence was given even more credence recently when a young Scottish hacker by the name of Gary McKinnon recently broke into the Pentagon’s computers and reputedly came up the names of some of our “off-world” U.S. space fleet (identified under the abbreviation: USSS), two specific space ships, (the USSS LeMay and the USSS Hillenkoetter), the names of the various crews, their ranks, and transfer assignments between various “off Earth” space ships.
Apparently, this computer security breach so enraged the brass at the Pentagon that The U.S. Government is currently seeking to extradite McKinnon from the U.K. to face charges of computer hacking with a punishment of LIFE IN PRISON! Certainly this is one way to permanently silence an embarrassing discoverer of forbidden information.
Wernher von Braun, his assistant Dr. Carol Rosin, and Dr. Steven Greer of The Disclosure Project have done their best to warn the world at large of this coming deception based on secret energy technology, new visual projection technology and the continued demonization of space aliens by our media and our military/industrial complex.
Dr. Greer concludes: “Space based weapons are already in place – part of a secret parallel space program that has been operating since the 1960s. ARVs are built and ready to go. Space holographic deception technologies are in place, tested and ready to fire. And the Big Media is a pawn…” But we do not have to be. Now that we know what The Illuminati and their minions have planned, we can prepare for the greatest deception in human history by warning others, taking stock of our present set of circumstances, and deciding how we might deal with a hoaxed space-alien invasion scenario.
The knowledge that technology may exist today which would end the need for mining, drilling, refinement and distribution of oil, gas, and coal, as well as traditional nuclear energy; which could usher in a new age for the entire human race while eliminating the pretexts for the endless wars which have roiled our planet for the last two hundred years, must give us pause to ponder.
This alternate scenario, that of free energy, of peace, plenty and prosperity and the elimination of pollution forces us to face the dark core of evil wherein the ironically named “Illuminati” reside. For despite the potential of creating a revolutionary leap forward in the history of Mankind, this insidious group continues to plot to keep our world mired in poverty, fear, war, and ignorance while moving to make their dark desire for total control permanent upon this planet.
It is time to choose which destiny we truly desire. Nothing worthwhile in life ever comes without struggle. The Illuminati have given us the challenge of our lives. May we be prepared for the coming battle.
Tolec, what is the real deal with this joint U.S./China Naval forces working together just outside of the San Francisco Bay area, a U.S naval warship being attacked; and a Reptilian {UFO} war going on? ANSWER: Again, no. Is there an actual UFO War being conducted by the U.S Navy, in joint cooperation with other nations, in the Pacific & Antarctic Oceans, against "the Reptoids" aka "the Reptilians"? No. Are there either an additional 36 or 50 Reptilian, aka Reptoid, undersea bases still in operation or existence? No. Is the continued false reporting of an alleged UFO War being strategically & tactically used as a perpetual "dis-information" campaign in support of, and preparation for, the lead-up to a "Project Blue Beam", or like kind, staged UFO 'false flag' event? Yes.
Is someone else being continuously lied to - to feed a 'hungry', distracted global public - for the purpose of 'selling' the validity of this story for a planned UFO 'false flag' kind of event? 'Yes. And; almost as bad as the above, said person who is being lied to & who is swallowing these lies in total, in his recent October 26th report - he cited & specifically used my own analogy - in my original September 21, 2012 refute report - when I, back then, first compared this continued alleged UFO War story to a movie that was released this past summer, "Battleship". Here is just a short piece of what I said:
"...Also, think of the movie Battleship released just this summer in first run theaters around the country - U.S Naval forces operating out in the Pacific Ocean off of the coast of California are attacked... by a huge...Reptilian/human hybrid operated... fantastic underwater alien ship... does any of this sound familiar."
Please read again below, in total, my original September 21, 2012 article. You can read for yourself exactly what I said in that second paragraph - which somehow, amazingly matches his own October 26, 2012 assertion. Why did he do this? I don't know. So much for independent thought and critical thinking.
Except for some Cabal & Illuminati factions going at each other in an on-going power struggle for control at the top of their organizations - this whole story is fabrication... is made up, and is serious dis-information.
This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector.
Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters.
Within hours the original page for the article was taken down, and CNBC senior vice president Kevin Krim received news that his children were killed under very suspicious circumstances.
It seems that the murder happened first and then the page was removed later.
According to mainstream accounts the children’s nanny is responsible for the murders, allegedly stabbing both children.
However, those same mainstream news sources report the highly unlikely story that the nanny slit her own throat just after committing the homicides.
Police have released very little information and although a wider plot has not been officially implicated, it seems very possible that these murders are a show of force against the press organization for releasing such damning information about the most powerful people in the world. Here is some more information about the lawsuit from the Wall Street Journal:
“In the District Court lawsuit, Spire Law Group, LLP — on behalf of home owner across the Country and New York taxpayers, as well as under other taxpayer recompense laws — has expanded its mass tort action into federal court in Brooklyn, New York, seeking to halt all foreclosures nationwide pending the return of the $43 trillion ($43,000,000,000.00) by the “Banksters” and their co-conspirators, seeking an audit of the Fed and audits of all the “bailout programs” by an independent receiver such as Neil Barofsky, former Inspector General of the TARP program who has stated that none of the TARP money and other “bailout money” advanced from the Treasury has ever been repaid despite protestations to the contrary by the Defendants as well as similar protestations by President Obama and the Obama Administration both publicly on national television and more privately to the United States Congress. Because the Obama Administration has failed to pursue any of the “Banksters” criminally, and indeed is actively borrowing monies for Mr. Obama’s campaign from these same “Banksters” to finance its political aspirations, the national group of plaintiff home owners has been forced to now expand its lawsuit to include racketeering, money laundering and intentional violations of the Iranian Nations Sanctions and Embargo Act by the national banks included among the “Bankster” Defendants. “
Some of the alleged conspirators are Attorney General Holder, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris, Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary, Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former “communications director” for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the “Banksters” themselves, and their affiliates and conduits.
It is expected that all news on this subject will be removed from CNBC, and that other news organizations will be discouraged from covering such information.
However, screen shots of the original CNBC article were taken to verify the authenticity of this story. Assassination and brute intimidation are common strategies for the ruling class to use on people who may threaten their agenda.
This is the second situation this week in which a high level executive was the victim of a suspicious attack that seemed very much like an assassination.
The Intel Hub just reported that Nicholas Mockford, a 60 year old British executive for the oil company ExxonMobil was shot dead in front of his wife in an assassination-style killing in Brussels. We will be keeping a close eye on both of these stories and provide more details as they become available.
According to the Keshe Foundation’s principle of transferring its technologies to every country on earth, we are proud to announce the nation and government of Italy has accepted the transfer of technology of the spaceship program of the keshe Foundation.
The transfer of technology as with the government of Sierra Leone was in the format of electronic data saved on a USB stick.
The official of the embassy immediately checked the content of the USB stick and confirmed that patent files and blueprints drawings are fully on the USB stick which they have recived.
The session was video recorded and according to diplomatic protocol, as the video was taken within the premises of the Italian nation territory, it will be archived and will not be shown in public unless otherwise instructed by the Italian embassy and government.
Now the nation of Italy has become the first nation in Europe which has accepted the full transfer of technology of the spaceship program of the Keshe Foundation for bringing peace and prosperity to the nations of the world.
We welcome the scientists and officials of the Italian government and the nation of Italy to the Keshe Foundation spaceship program.
We have offered our full expertise and technical support to the nation of Italy representatives in the meeting, if they call upon the Keshe Foundation to see this development through.
As per previous discussions, we will bring all nations joining the spaceship program soon together that they can exchange know-how and knowledge on equal bases and scientific grounds.
We would like to thank all the Italian people and internet community groups which encouraged their government representative to attend the 6.9.2012 meeting at the Keshe Foundation center for the world government ambassadors, and now we see the fruit of your hard work.
The knowledge transfer has been done on no economical charge bases and it has been freely given to the nation of Italy by the Keshe Foundation as we have done with nations of Iran and Sierra Leone.
We will announce names of more nations as they will become part of the spaceship program in the coming weeks.
We welcome the Nation of Italy to the most advanced space program at the present, which will allow this nation to be able to put men in space before the end of the 2013.
The Keshe Foundation welcomes fellow Italian scientists to peaceful open spaces of the universe and to our space program.
Surely in the coming weeks and months your nation and the Keshe Foundation will make ground breaking technologies for the prosperity of your nation and mankind.
NEW YORK, Oct. 25, 2012 /PRNewswire via COMTEX/ -- Spire Law Group, LLP's national home owners' lawsuit, pending in the venue where the "Banksters" control their $43 trillion racketeering scheme (New York) - known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the "Banksters" and their U.S. racketeering partners and joint venturers - now pinpoints the identities of the key racketeering partners of the "Banksters" located in the highest offices of government and acting for their own self-interests.
In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) - involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver - Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former "communications director" for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the "Banksters" themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patriot Act, the Policy of Embargo Against Iran and Countries Hostile to the Foreign Policy of the United States, and the Racketeer Influenced and Corrupt Organizations Act (commonly known as the RICO statute) and other State and Federal laws.
In the District Court lawsuit, Spire Law Group, LLP -- on behalf of home owner across the Country and New York taxpayers, as well as under other taxpayer recompense laws -- has expanded its mass tort action into federal court in Brooklyn, New York, seeking to halt all foreclosures nationwide pending the return of the $43 trillion ($43,000,000,000.00) by the "Banksters" and their co-conspirators, seeking an audit of the Fed and audits of all the "bailout programs" by an independent receiver such as Neil Barofsky, former Inspector General of the TARP program who has stated that none of the TARP money and other "bailout money" advanced from the Treasury has ever been repaid despite protestations to the contrary by the Defendants as well as similar protestations by President Obama and the Obama Administration both publicly on national television and more privately to the United States Congress. Because the Obama Administration has failed to pursue any of the "Banksters" criminally, and indeed is actively borrowing monies for Mr. Obama's campaign from these same "Banksters" to finance its political aspirations, the national group of plaintiff home owners has been forced to now expand its lawsuit to include racketeering, money laundering and intentional violations of the Iranian Nations Sanctions and Embargo Act by the national banks included among the "Bankster" Defendants.
The complaint - which has now been fully served on thousands of the "Banksters and their Co-Conspirators" - makes it irrefutable that the epicenter of this laundering and racketeering enterprise has been and continues to be Wall Street and continues to involve the very "Banksters" located there who have repeatedly asked in the past to be "bailed out" and to be "bailed out" in the future.
The Havens for the money laundering schemes - and certain of the names and places of these entities - are located in such venues as Switzerland, the Isle of Man, Luxembourg, Malaysia, Cypress and entities controlled by governments adverse to the interests of the United States Sanctions and Embargo Act against Iran, and are also identified in both the United Nations and the U.S. Senate's recent reports on international money laundering. Many of these entities have already been personally served with summons and process of the complaint during the last six months. It is now beyond dispute that, while the Obama Administration was publicly encouraging loan modifications for home owners by "Banksters", it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole trillions of dollars of home owners' and taxpayers' money during the last decade and then laundered it through offshore companies.
This District Court Complaint - maintained by Spire Law Group, LLP -- is the only lawsuit in the world listing as Defendants the Banksters, let alone serving all of such Banksters with legal process and therefore forcing them to finally answer the charges in court. Neither the Securities and Exchange Commission, nor the Federal Deposit Insurance Corporation, nor the Office of the Attorney General, nor any State Attorney General has sued the Banksters and thereby legally chased them worldwide to recover-back the $43 trillion ($43,000,000,000,000.00) and other lawful damages, injunctive relief and other legal remedies.
James N. Fiedler, Managing Partner of Spire Law Group, LLP, stated: "It is hard for me to believe as a 47-year lawyer that our nation's guardians have been unwilling to stop this theft. Spire Law Group, LLP stands for the elimination of corruption and implementation of lawful strategies, and that is what we're doing here. Spire Law Group, LLP's charter is to not allow such corruption to go unanswered." Comments were requested from the Attorney Generals' offices in NY, CA, NV, NH , OH, MA and the White House, but no comment was provided.
About Spire Law Group Spire Law Group, LLP is a national law firm whose motto is "the public should be protected -- at all costs -- from corruption in whatever form it presents itself." The Firm is comprised of lawyers nationally with more than 250-years of experience in a span of matters ranging from representing large corporations and wealthy individuals, to also representing the masses. The Firm is at the front lines litigating against government officials, banks, defunct loan pools, and now the very offshore entities where the corruption was enabled and perpetrated.
Contact: James N. Fiedler877-438-8766
SOURCE Spire Law Group, LLP
Copyright (C) 2012 PR Newswire. All rights reserved -0- KEYWORD: New York INDUSTRY
KEYWORD: RLT
RRL SUBJECT CODE: LAW
Spire Law Group $43 Trillion Law Suit Defendant List
Federal prosecutors in New York sued Bank of America on Wednesday, accusing it of carrying out a mortgage scheme that defrauded the government during the depths of the financial crisis.
http://dealbook.nytimes.com/2012/10/24/federal-prosecutors-sue-bank-of-america-over-mortgage-program/ In a civil complaint that seeks to collect $1 billion from the bank, the Justice Department took aim at a home loan program known as the “hustle,” a venture that has become emblematic of the risk-fueled mortgage bubble. The complaint adds to a flurry of federal and private lawsuits facing Bank of America’s beleaguered mortgage business.
Bank of America inherited the “hustle” home loan program with its purchase of Countrywide Financial in 2008. Prosecutors say the effort, kept alive by Bank of America through 2009, was intended to churn out mortgages at a rapid pace without proper checks on wrongdoing. The bank then sold the “defective” loans without warning to Fannie Mae and Freddie Mac, the government-controlled housing giants, which were stuck with heavy losses and a glut of foreclosed properties.
“The fraudulent conduct alleged in today’s complaint was spectacularly brazen in scope,” Preet Bharara, the United States attorney in Manhattan, said in a statement. Mr. Bharara brought the case with the inspector general of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, and the government watchdog for the bank bailout program.
Daniel Barry for The New York TimesPreet S. Bharara, the United States attorney in Manhattan.
A spokesman for Bank of America did not immediately return a request for comment.
The case is one piece of a broader federal crackdown on Wall Street, a last-ditch effort to hold firms accountable for perceived misdeeds that fueled the mortgage crisis. In the wake of the crisis, authorities were blamed for the dearth of charges facing financial executives at the center of the crisis.
For all the grumbling about few criminal prosecutions, the government has now mounted dozens of civil cases against the nation’s biggest financial firms, leaving the financial industry to battle a chaotic and somewhat redundant web of litigation. Mr. Bharara sued Wells Fargo this month over questionable mortgage deals. President Obama also formed a federal mortgage task force, which recently filed its first case against JPMorgan Chase over mortgage deals created by Bear Stearns, the defunct firm that JPMorgan bought during the crisis.
The case announced on Wednesday is the latest legal headache for Bank of America stemming from its acquisition spree during the crisis. The bank, which has come to define the excesses that nearly toppled the financial industry in 2008, struck a $2.4 billion deal in September to settle a securities class-action lawsuit that it misled investors about the takeover of Merrill Lynch.
The Countrywide deal has fared far worse. Billions of dollars in soured loans from the subprime lending specialist wreaked havoc on Bank of American’s balance sheet. Securities regulators have also extracted nearly $70 million in fines from Countrywide’s former chief executive, Angelo R. Mozilo.
The lawsuit filed Wednesday threatens to impose steep fines on the bank. The Justice Department filed the case under the False Claims Act, which could provide for triple the damages suffered by Fannie and Freddie, a penalty that could reach more than $3 billion.
The case also overlaps with a number of actions that government agencies are pursuing against Wall Street banks. It builds on, for example, the Federal Housing Finance Agency’s decision last year to sue 17 big banks over losses sustained by Fannie Mae and Freddie Mac. The twin mortgage companies, bailed out by taxpayers in 2008, continue to push firms like Bank of America to repurchase billions of dollars in bad loans.
