Landmark Lawsuit by US Home Owners Implicates Obama and Big Banks in Massive Global Laundering Scheme

5th May 2012

By Madison Ruppert

Contributing Writer for Wake Up World

A new lawsuit, which is bordering on the unbelievable, implicates the Obama administration and some of the world’s largest banks in the largest international money laundering case in history.

This global money laundering network was allegedly formed during the Obama administration and helped banks rob U.S. home owners through offshore affiliates in infamous tax havens and money laundering hubs like the Cayman Island, Isle of Man, Luxembourg and Malaysia.

A press release published by Marketwatch (a website owned by the Wall Street Journal) via Marketwire on April 23, 2012, by America’s Spire Law Group, revealed that a mass tort action on behalf of home owners across the United States has been filed in the Supreme Court of New York, County of Kings.

The release states that the suit implicates every major bank servicer and their subsidiaries, as well as the Obama administration which allegedly was privately ratifying the formation of shell corporations in violation of not only the USA PATRIOT Act, but also State and Federal law as well.

This is all while the administration was very publicly encouraging home owners to modify their loans.

The suit, which has been assigned Index No. 500827 and was filed by the Spire Law Group and their affiliates and partners throughout the United States, also alleges that Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, among other federally chartered banks stole hundreds of millions of dollars from U.S. home owners through little-known offshore companies.

The money was then laundered through offshore corporations, and surprisingly the suit is quite explicit in identifying specific companies as well as the countries they are located in which were used to help defraud huge sums of money from Americans.

These activities are violations of the guidelines of the Federal Deposit Insurance Corporation (FDIC), New York state law, not to mention other states as well as federal law.

Columbus, Ohio-based trial lawyer and author Eric J. Wittenberg made some quite heated statements on behalf of the plaintiffs in the case.

“The laundering of trillions of dollars of U.S. taxpayer money — and the wrongful taking of the homes of those taxpayers — was known by the Administration and expressly supported by it. Evidence uncovered by the plaintiffs revealed that the Administration ignored its own agencies’ reports — and reports from the Department of Homeland Security — about this situation, dating as far back as 2010,” Wittenberg said.

“Worse, the Administration purported to endorse a ‘national bank settlement’ without disclosing or having any public discourse whatsoever about the thousands of foreign tax havens now wholly owned by our nation’s banks. Fortunately, no home owner is bound to enter into this fraudulent bank settlement,” he added.

The many home owners involved in the case are suing these major financial institutions and their foreign allies not only for fraud and larceny but also for conversion and violations of provisions of New York state law and other laws.

If this lawsuit is what they are making it out to be, there could be a great deal of incredibly important information brought to light.

The press release states, “

This lawsuit explains why loans were, in general, rarely modified after 2009. It explains why the entire bank crisis worsened, crippling the economy of the United States and stripping countless home owners of their piece of the American dream. It is indeed a fact that the Administration has spent far more money stopping bank investigations, than they have investigating them. When the Administration’s agencies (like the FDIC) blew the whistle, their reports were ignored.”

“As if it is not bad enough that banks collect money and do not credit it to homeowners’ accounts, and as if it is not bad enough that those banks then foreclose when they know they do not have a legally enforceable interest in the realty, we now learn that they have been operating under unbridled free reign given by the Administration and some states’ Attorneys General in formulating this international money laundering network,” Wittenberg said.

“Now that the light of day has been shined on it, I believe we can all rest assured that the beginning of the end of the bank crisis has arrived,” he added.

All I can say is I hope he is right. This is truly one of the most astounding cases which has come to light in recent history, to say the least.

If this case is successful it could very well mean a major blow to the entire corrupt global financial system.

About the Author

Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database  End The Lie  and has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at  [email protected]

Did you find this article helpful?

If so, please consider a donation to help the evolution of Wake Up World and show your support for alternative media.

Your generosity is greatly appreciated.

Wake Up World's latest videos

  • Bring Back Glass-Steagall


    I hope this lawsuit succeeds and dozens follow.

    • MountainHome

      Yes, I hope the lawsuit succeeds. World leaders are now feeling the pressure from common citizens in so many countries to rid the world of corrupt leaders.

    • Vaikunthanath Kaviraj

      Banks have no legal standing in these cases> Homeowners can show the judge their contract, which has only one signature – their own. No bank ever countersigns a loan, which makes the contract legally invalid. Ask the judge to define a legal contract and he will say it needs 2 signatures. All homeowners already own their homes because of those illegal contracts.

  • Susan

    Included among Spire Lawyers’ historical representative clients are the Federal Deposit Insurance Corporation, the FSLIC, IBM, Sony Corporation, MCA/Universal Studios, World Oil Company, J.C. Penney Company, Inc., Paramount Television, Mirisch Corporation, Melvin Simon Productions, Inc., Community Bank, Krispy Kreme Donut Corporation, and numerous Forbes 400 individuals as well as hundreds of banks and financial institutions. Spire Lawyers’ representation of wealthy individuals and large corporations continues to this day as an important legacy and current reality of the Firm’s practice.

    But its representation of the masses across the Country is another reality created by the worst decade of bank and governmental corruption in world history. This corruption is a part of the public dialogue in 2012 and has been recently reported on in sources ranging from the New York Times to small Internet publications.

  • Len Giles

    There are so many crooks in this world, it is very hard to trust anybody.

  • James

    The rule of law is “kaput” in America so the chance of this lawsuit succeeding is nil. The judiciary and administrative branches of government are no longer separate as evidenced by recent bizarre Supreme Court rulings. I particularly liked the one that said American citizens have no standing to file a lawsuit requiring Mr. Obama to satisfy constitutional requirements to hold the office of President.

    The administration will permit this lawsuit (theater) to continue so long as it provides a distraction and holds out hope of justice being done until the last nail is driven home.

  • Cocoa

    It was done by design and he is part of it! Go get him!, and the rest of them treasonous thieves.

  • MountainHome

    Common citizens, around the world are finally taking a stand against corrupt leaders. Great article.

  • What More Needs To Be Proven

    Ok, WHEN do these criminals start doing jail time? When does the Constitution gain traction again as Low of the Land?

    When does an illegal presidential usurper, get arrested and ALL his wrongful “executive orders” be reversed?

    When is America going back to be a free country? When are our wars going to be stopped? When is Hillary going to shut up about democracy for other countries but, silent about us losing ours?

    Treason is embedded in all our political and economic institutions.

    TREASON has to be dealt with as a crime against us ALL!

  • steph

    I’m trying to look up the index number with the Kings County Clerk and can’t find any such thing… can someone plz link me to the official info? I don’t trust anything that comes from Rupert Murdoch…

    • diego

      I did a search on Spire Law Group llp BAR #( #54393) through the California BAR Associations website and found that that BAR# belonged to someone else and is actually inactive. Here is a link to the info:

      Are they a real Law Firm

    • You can use the Search box for everything except for court decisions and information about specific court cases so I don’t you being able to look up the law suit.

  • Robert Right


  • Ocean Moucka

    The frog is belly up in the pot of boiling water.

  • Leslie Simmons

    Thank you for this information. I talked with a representative from the Attorney Office handling this case, and they want me to help spread the word about rotten son of bitch, those are my words.

  • This is not the only interesting bank lawsuit out there at the moment. There’s also one against the central banks. We’re in for some real interesting times.

  • Carl Swensson

    It’s such a shame to get American’s hopes up that justice will somhow be served. Hasn’t anyone here ben paying attention? The courts are controlled by the DOJ.., Obummers team and just when you think something good can come from this the administration will swiftly yank the rug from beneath you. It’s all about the money and I don’t mean yours so go ahead, hold your breath in eager anticipation but as for me, I know the truth and Judicial justice no longer exists. Influence, in whatever form it will take, will be exerted and this will slide away into the rat hole just like the eligibility issue has. Mark my words, if you want justice, you’ll find it at the end of a barrel, either theirs or yours. The banks own the government, the land and your kids future. Debt has a way of doing that and we are for certain a debtors Nation.

  • Jeryll

    Perhaps no one else noticed the numerous high profile banking resignations in the past few months,
    it was even posted here on the 28th of March.

    In the unlikely event that this case goes any further, the best you can hope for is a few scapegoats and a token legal amendment.

  • Michael

    Once upon a time it was countries dealing with corruption within their own countries. Today it is becoming much more global and appears has been for some time.

  • Barbara Scott

    How about providing an email address in the CONTACT section for writers who would like to submit articles. The method used on the contact page is not working. Thank you. 🙂

    • Wake Up World

      Thanks for your message Barbara. The issue with our Contact page has now been resolved.

  • Scott

    A man in South Africa is taking the banks to the Constitutional Court. This is also a massive case!! See for the court documents. Viva revolution!

  • jw

    These people are so foolish to believe that the Obama administration only created, and is the cause of, this country’s financial demise. You don’t get to become President of the US and not be connected at the hip. Just foolish, still can’t see clearly.

  • JW

    Ok…This article took place in April it’s now late August. What’s been done? Where’s the Press showing this on CNN all day and night? Click that link… the article is already off their site!?!! WTF. It’s time justice is brought to the people!