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Is Bank of America a Racketeering Enterprise

Is Bank of America a Racketeering Enterprise

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Published by Isabel Santamaria
Our mission is that this article can help many Bank of America victims better understand the true severity of Bank of America’s alleged “illegal” actions and that they should be held accountable under RICO. Hopefully, more of these attorneys and “foreclosure mills” who are hired by Bank of America and other fraudulent banks can also be held accountable for filing these illegal documents through our court systems and therefore causing many families to become homeless. These acts are “widespread” and are not rare occurrences which would further confirm that Bank of America is a racketeering enterprise. Every Bank of America “victim” will agree that they have experience at least two of these offenses in Bank of America’s mortgage practices. It is our obligation as individuals to fight back when a crime is committed against us and Bank of America has allegedly committed many crimes against humanity and they need to be stopped before further lives are ruined.
Our mission is that this article can help many Bank of America victims better understand the true severity of Bank of America’s alleged “illegal” actions and that they should be held accountable under RICO. Hopefully, more of these attorneys and “foreclosure mills” who are hired by Bank of America and other fraudulent banks can also be held accountable for filing these illegal documents through our court systems and therefore causing many families to become homeless. These acts are “widespread” and are not rare occurrences which would further confirm that Bank of America is a racketeering enterprise. Every Bank of America “victim” will agree that they have experience at least two of these offenses in Bank of America’s mortgage practices. It is our obligation as individuals to fight back when a crime is committed against us and Bank of America has allegedly committed many crimes against humanity and they need to be stopped before further lives are ruined.

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Published by: Isabel Santamaria on Oct 05, 2011
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Is Bank of America a Racketeering Enterprise? You decide.
For over a year now, I have been very aware of Bank of America’s practices
and I now know how they relate to RICO. I have researched this for many months
now. I became aware of it when a fellow blogger asked: “Why isn’t Bank of America being charged under RICO, they are clearly racketeering?” This opened
my eyes and answered many of my questions regarding their practices. Of course,to better understand this topic, first we must know what racketeering is. Thatsaid, what is racketeering? Racketeering is the act of operating an
illegalbusiness
or
scheme
in order to make a profit, perpetrated by a structuredgroup. It is a broad category of criminal acts. Racketeering is closely associatedwith organized crime, since both are conducted by groups.Racketeering encompasses many criminal acts. It includes
theft, embezzlement 
 and 
against businesses or
individuals
. Governments can also be victimizedby racketeering; examples include counterfeiting money and trading in untaxedalcohol. Racketeering can also take the form of providing illegal services, such asprostitutionor drug trafficking. Racketeering also takes place among legitimatebusinesses or labor unions, where it is sometimes referred to as white-collarcrimes. Examples include 
and money laundering.Under the
Racketeer Influenced and Corrupt Organizations Act
(commonlyreferred to as the
RICO Act
or
RICO
) there is extensive criminal penalties and acivilcause of actionfor acts performed as part of an ongoingcriminal organization.The RICO Act focuses specifically onracketeering,and it allows for the
leaders
of a syndicate to be tried for the crimes which they 
 others todoor assisted them,closing a perceived loophole that allowed someone who tolda man to, for example, murder, to be exempt from the trial because they didn'tactually do it.
 
Those found guilty of racketeering can be fined up to $25,000 andsentenced to 20 years in prison per racketeering count. In addition, the racketeermust forfeit all ill-gotten gains and interest in any business gained through apattern of "racketeering activity." RICO also permits a
 private individual 
harmedby the actions of such an enterprise to file acivil suit;if successful, the individualcan collecttriple damages. 
 
What are the 35 crimes under RICO? Of the 35 crimes that form the body of RICOlaw, eight are state crimes and 27 are federal.Bribery,gambling, murder,arson, 
extortion
, prostitution,
counterfeiting
, drug dealing,
obstruction of justice
,money laundering, acts of terrorismand kidnapping are among the 35 crimes. Italso is possible to prosecute white-collar crimes under RICO law.
Embezzlement
 and
obstruction of justice
appear on the list, as do
mail fraud
,
wire fraud
,bankruptcy and
securitiesfraud
 and many others.In order for a business to be found guilty of racketeering activity there must be a
“pattern”
of racketeering activity and requires at least two acts of racketeeringactivity, one of which occurred after the effective date of the chapter and the lastof which occurred within ten years (excluding any period of imprisonment) afterthe commission of a prior act of racketeering activity. TheU.S. Supreme Courthasinstructed federal courts to follow the continuity-plus-relationship test in order todetermine whether the facts of a specific case give rise to an established pattern.Predicate acts are related if they "have the same or similar purposes, results,participants, victims, or methods of commission, or otherwise are interrelated bydistinguishing characteristics and are not isolated events."(
).Now that we understand a little more about racketeering and the crimes that
define it, let’s see how Bank of America and other banking and lending giants canbe defined as a “criminal organization” for committing at least two act
s of racketeering activities. Of course, I will not talk about only two crimes that theyhave
allegedly
committed but in fact much more. Here they go:
Mail fraud 
-
an offense underUnited States federal law,in which fraudulentmisrepresentations and schemes to defraud which use the United States Mail tofurther that fraudulent conduct
and can be prosecuted as “
.” How isBank of America allegedly guilty of “mail fraud”?
What is a misrepresentation orfraud? A false statement stated as a fact.http://en.wikipedia.org/wiki/Fraud. Bank of America sends via US mail misrepresentations. How? Well, manyhomeowners are advised in the mail false statements regarding their loan
 
modifications. They are told- 1) their paperwork was lost or never received, 2)they do not qualify due to income, 3) their documents were not received on time,4) their trial modifications payments were not received on time and thereforethey cannot qualify for a permanent loan modification, and many othermisrepresentations and excuses
. Homeowners are also victims of “loan servicingfraud” and the misrepresentations of such are sent by Bank of America via US
Mail.
Wire Fraud 
-
is any criminally fraudulent activity that has been determined to haveinvolved electroniccommunicationsof any kind, at any phase of the event. Thealleged misrepresentation to support a conviction under18 U.S.C.§ 1343must be a material misrepresentation; a misrepresentation is material if it is capable of influencing, or has a "natural tendency" of influencing.To commit wire fraud, one must (1) devise, or intend to devise, a scheme orartifice to defraud another person on the basis of a material representation, and(2) do it with the intent to defraud, and (3) do it through the use of interstate wirefacilities (i.e. telecommunications of any kind). How is Bank of America allegedlycommitting wire fraud? During recent months it has become very clear that Bankof America and others have participated in submitting fraudulent foreclosuredocuments and mortgage assignment via wire or electronically. This is wire fraud!This has been a well-planned scheme. These are not mistakes of any kind. Manyare left homeless because of this fraudulent activity. There might be many morealleged misrepresentations submitted via wire by Bank of America for otherpurposes as well.The
mail 
and
wire
fraud statutes are very, very broad. Before RICO, the mail andwire fraud statutes could be enforced only by U.S. Attorneys, who didn't havetime to prosecute everyone engaged in conduct that potentially violated thestatutes.When Congress included mail and wire fraud as predicate acts under RICO,however, it allowed every attorney in the country to use the mail and wire fraudstatutes to the advantage of their clients. Many, many courts have noted thatRICO's inclusion of mail and wire fraud basically federalized state common law

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