The Justice Thread

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TayyarBeino

TayyarBeino

Legendary Member
U.S citizens sue three Lebanese banks, BDL, accusing them of partaking in Ponzi scheme
Plaintiffs Joseph A. Daou and his spouse Karen M. Daou filed their lawsuit in New York's Southern District Court against Al Mawarid Bank, BLC Bank, Credit Libanais and Banque Du Liban, according to copies obtained by Annahar.
  • by Georgi Azar
  • Source: Annahar
  • Date added: 11 June 2020
  • Last update: 11 June 2020 | 10:20
BEIRUT: Two U.S individuals have filed a lawsuit against three Lebanese commercial banks and the central bank for "being preyed upon by the Ponzi scheme that is the Lebanese banking system."

Plaintiffs Joseph A. Daou and his spouse Karen M. Daou filed their lawsuit in New York's Southern District Court against Al Mawarid Bank, BLC Bank, Credit Libanais and Banque Du Liban, according to copies obtained by Annahar.

The lawsuit accused the central bank of being "the architect of the Ponzi scheme," preying on the plaintiffs' "hard-earned U.S dollars." What's noteworthy is the nature of the lawsuit, which was filed under the Racketeer Influenced and Corrupt Organizations Act (RICO), a federal law designed to combat organized crime in the United States. It allows prosecution and civil penalties for racketeering activity performed as part of an ongoing criminal enterprise.

The lawsuit accuses the banks of refusing to transfer the plaintiffs' deposits to the U.S before "entering into a conspiracy in which they agreed to make fraudulent misrepresentations to Plaintiffs, issue worthless checks to Plaintiffs in the United States that Defendants [banks] had no intention of honoring, and, despite the fact that they were knowingly issuing worthless checks to Plaintiffs, reducing Plaintiffs’ balances as if Plaintiffs had actually received their USD."

“This lawsuit will open the way for class action suits by other aggrieved customers against other banks," financial expert Dan Azzi told Annahar.

For years, the central bank continued financing a dysfunctional government, with loans over LBP 45 trillion (some USD 30 billion) and USD 3.2 billion as of September 2019, most of which were indirectly financed by commercial banks’ reserves, hence explaining the liquidity crunch.

This was done by luring deposits, both in USD and LBP, by offering exorbitant interest rates to unsuspecting clients.

Lebanon's house of cards came crashing down when the government defaulted on $30 billion of Eurobonds in March, held mostly by local banks. The state's debt had reached around $80 billion, while its deficit soared to 11 percent of gross domestic product.

Banks are today in a state of functional insolvency and illiquidity by not being able to access their foreign currency assets at the central bank due to BDL's low net reserves, and the priority given to maintaining the peg and covering the country’s import bill.

They have also started implementing de facto capital controls over six months ago as nationwide political unrest coincided with a loss of confidence in the sector.

“I foresee more lawsuits by U.S persons for violating securities laws in the United States, involving appropriateness, suitability, and misselling. For example, selling noncumulative perpetual preferred shares or Credit Linked Notes (i.e. deposits that convert to Eurobonds at maturity) are almost certainly illegal to sell to U.S persons, because the relationship manager would have to be licensed in the United States at the state and federal level (Series 7 and Series 63 brokerage licenses). The bank issuing the product would also have to hold a broker/dealer license. In fact, Eurobonds are specifically labeled as Reg S (Regulation S), banning their sale to any U.S person in the prospectus. Thus forcing clients to convert their deposits to Eurobonds explicitly breaks U.S Law," Azzi added.

“The other types of class-action lawsuits against the banking sector that I foresee, are against Custodial Banks, Audit Firms, and even rating agencies. The argument against custodial banks and audit firms would be that they did not do their KYC (Know Your Client) and Due Diligence on their clients (Lebanese banks and the central bank) and should have detected the ‘flaws’ in their business model, with respect to the financial engineering transactions and unrealistic dollar interest rates they were paying. These would be attractive targets to a skilled lawyer, taking the case on contingency, due to their deeper pockets, as opposed to Lebanese banks which are practically illiquid," he said.

In a recent Al Joumhouria report, Lebanese banks are also reportedly looking into bringing charges against both the central bank and Lebanese government to force them to pay back their debts.

According to the report, a number of banks were “shocked” over the outcome of the Baabda financial meeting last week, which failed to have representatives of the Association of Banks present.

“The association is surprised by the government’s insistence on excluding the banking sector from financial talks that are supposed to lead to decisions with certain and profound implications for Lebanon’s economic future,” it said in a statement.

The lawsuit, if brought forward, will also be filed with the courts in New York.

 
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  • TayyarBeino

    TayyarBeino

    Legendary Member
    @ib_reb​

    ·
    53m

    هل تعلم أيها المواطن أن #SGBL_شافط_الدولارات قد مارس عملية تهريب مُنظمة للدولار مما أدى إلى ضرب العملة وأوصلت سعر الليرة إلى أقل بـ٧٠٪ من قيمتها التي كانت عليها قبل ١٧ تشرين؟! نعم كل من لم يفتح هذا الملف من الاعلام فهو متواطئ بمكان ما!!
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    #عاجل | عملية سرقة غير مُسلحة للشعب اللبناني حصلت على مدة من الزمن بدأت منذ آب ٢٠١٩ واستمرت حتى ٢٠ أيار ٢٠٢٠!! هذه العملية تسببت بضرب العملة الوطنية واذلال الشعب! العجيب أنه تم فضح العملية ولكن جزء من الشعب والقضاء والإعلام قد بلع لسانه في قضية #SGBL_شافط_الدولارات!!
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    dyyyy

    dyyyy

    Well-Known Member

    @ib_reb

    ·
    53m

    هل تعلم أيها المواطن أن #SGBL_شافط_الدولارات قد مارس عملية تهريب مُنظمة للدولار مما أدى إلى ضرب العملة وأوصلت سعر الليرة إلى أقل بـ٧٠٪ من قيمتها التي كانت عليها قبل ١٧ تشرين؟! نعم كل من لم يفتح هذا الملف من الاعلام فهو متواطئ بمكان ما!!
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    #عاجل | عملية سرقة غير مُسلحة للشعب اللبناني حصلت على مدة من الزمن بدأت منذ آب ٢٠١٩ واستمرت حتى ٢٠ أيار ٢٠٢٠!! هذه العملية تسببت بضرب العملة الوطنية واذلال الشعب! العجيب أنه تم فضح العملية ولكن جزء من الشعب والقضاء والإعلام قد بلع لسانه في قضية #SGBL_شافط_الدولارات!!
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    This post is misleading :

    - The bank can't transfer actual money abroad without the approval of BDL and any such action wouldn't affect the savings of other banks (he can't take actual dollars bills from anyone it's not magic)

    - The ONLY reason the money is not htere anymore is because the government of Hariri needed money and Riad Salemeh orchestrated what we call the financial engineering ( which is literrally to give the depositors money to the state, while everyone knows the state can't pay it back) and it was voted on by all the ministers of FPM, LF, PSP, FM, HA, Amal....

    - All this talk of throwing accusations on both sides (14 march accusing HA weapons and 8 March accusing Riad Salemeh) and posts like this one are pure lies counting on the fact that people don't understand how the financial system works.
     
    AtheistForYeezus

    AtheistForYeezus

    Legendary Member
    Orange Room Supporter
    The ONLY reason the money is not there anymore is because the government of Hariri needed money and Riad Salemeh orchestrated what we call the financial engineering ( which is literrally to give the depositors money to the state, while everyone knows the state can't pay it back) and it was voted on by all the ministers of FPM, LF, PSP, FM, HA, Amal....
    And this is exactly why Salameh still enjoys their support.
    If Riad Salameh goes down, they all do.
     
    TayyarBeino

    TayyarBeino

    Legendary Member



    14:20

    معلومات الotv:
    رئيس المنشآت النفطية المتواري سركيس حليس تغيب عن جلسة التحقيق أمام القاضية غادة عون في ملف إدارة المنشآت والتوظيفات غير الشرعية
     
    TayyarBeino

    TayyarBeino

    Legendary Member
    قرر المحامي العام المالي القاضي جان طنوس دعوة مدير عام وزارة التربية فادي يرق ومديرة برنامج
    pmu
    ( إدارة ومتابعة برنامج التعليم الشامل) في الوزارة صونيا خوري للإستماع الى إفادتيهما يوم الخميس 18 الجاري حول الإخبار المقدم من المحامين حسن بزي، هيثم عزو، جاد طعمة، مازن صفية، بيار الجميل، فرنسواز كامل، باسل عباس والصحافي جوي حداد، وذلك على خلفية حلقة يسقط حكم الفاسد بتاريخ 28/5/2020 التي قدمها الاعلامي رياض قبيسي على شاشة "الجديد".

    وبينت الحلقة المذكورة، الجرائم المدعى بها والمخالفات الجسيمة الحاصلة في برنامج الأمم المتحدة لتعليم اللاجئين الذي تديره وحدة
    pmu
    في وزارة التربية.

     
    C

    cokezero

    New Member
    كلف النائب العام التمييزي القاضي غسان عويدات قسم المباحث الجنائية المركزية مباشرة التحقيقات، لمعرفة هوية الأشخاص الذين عمدوا الى نشر تدوينات وصور تطال مقام رئاسة الجمهورية، وتعليقات تطلب من النيابة العامة التمييزية ملاحقة أصحاب هذه الحسابات عبر مواقع التواصل الإجتماعي، وذلك بجرم القدح والذم والتحقير، وإتاحة الإطلاع عليها من خلال public posts.

     
    C

    cokezero

    New Member
    كلف النائب العام التمييزي القاضي غسان عويدات قسم المباحث الجنائية المركزية مباشرة التحقيقات، لمعرفة هوية الأشخاص الذين عمدوا الى نشر تدوينات وصور تطال مقام رئاسة الجمهورية، وتعليقات تطلب من النيابة العامة التمييزية ملاحقة أصحاب هذه الحسابات عبر مواقع التواصل الإجتماعي، وذلك بجرم القدح والذم والتحقير، وإتاحة الإطلاع عليها من خلال public posts.

    Is this true?
     
    Robin Hood

    Robin Hood

    Legendary Member
    Orange Room Supporter
    كلف النائب العام التمييزي القاضي غسان عويدات قسم المباحث الجنائية المركزية مباشرة التحقيقات، لمعرفة هوية الأشخاص الذين عمدوا الى نشر تدوينات وصور تطال مقام رئاسة الجمهورية، وتعليقات تطلب من النيابة العامة التمييزية ملاحقة أصحاب هذه الحسابات عبر مواقع التواصل الإجتماعي، وذلك بجرم القدح والذم والتحقير، وإتاحة الإطلاع عليها من خلال public posts.

    They can't go after the corrupt so they go after these people.

    Sent from my SM-G973W using Tapatalk
     
    TayyarBeino

    TayyarBeino

    Legendary Member



    19:52

    معلومات الـOTV:
    القاضية عون تدعي على كل من مدير عام المنشآت النفطية سركيس حليس ومدير منشآت النفط في طرابلس معن حامدي بمواد تزوير جنائية
     
    Dr. Strangelove

    Dr. Strangelove

    Nuclear War Expert
    Staff member
    أصدر قاضي التحقيق العسكري مارسيل باسيل القرار الظنّي في حادثة البساتين - قبرشمون وادّعى على المتهمين بجنايات القتل ومحاولة القتل والتحريض على القتل، وجنح مختلفة.

    Full statement after the link:
     
    SoFP1

    SoFP1

    The Chosen One
    Orange Room Supporter
    أصدر قاضي التحقيق العسكري مارسيل باسيل القرار الظنّي في حادثة البساتين - قبرشمون وادّعى على المتهمين بجنايات القتل ومحاولة القتل والتحريض على القتل، وجنح مختلفة.

    Full statement after the link:
    قاضي باسيل ??? Gebran is attacking the druze!!! Walid Baaaayyyyk mtawaq!!!!
     
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