Showing posts with label HSBC. Show all posts

Saturday, October 5, 2019

INTELLIGENCE: Hearing On Mueller Report - 6-12-2019

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Tuesday, January 1, 2019

Janie's Got A Fund: Steven Tyler, Youth Villages, Backpacks, UCC Liens, HSBC & Medicaid Fraud In Child Welfare

Steve Tyler & John Conyers, Jr.

Steven Tyler did not come up with this and I think I know who did because they did not even trying to hide it.

And Janie's Fund has a backpack program.

Just like Mike Morse has a backpack program.

Just like Nowruz Foundation has a backpack program.

Just like Together We Rise has a backpack program.

Which all follow the same model of human trafficking.

Janie's Fund is another one of those trafficking of tiny humans enterprises constructed by Youth Villages, a foreign entity, because it has a foundation.

Name:	YOUTH VILLAGES FOUNDATION, INC.



Status:	Active	Initial Filing Date:	07/18/1996
Formed in:	TENNESSEE	Delayed Effective Date:
Fiscal Year Close:	June	AR Due Date:	10/01/2019
Term of Duration:	Perpetual	Inactive Date:
Principal Office:	3320 BROTHER BLVD MEMPHIS, TN 38133-8950 USA
Mailing Address:	3320 BROTHER BLVD MEMPHIS, TN 38133-8950 USA
AR Exempt:	No	Obligated Member Entity:	No

And guess what else Youth Villages, what I enjoy referring to as tiny human plantations, it has UCC liens.

102002741	01/10/2002	YOUTH VILLAGES INC - ARLINGTON, TN	12/31/9999
208014075	03/24/2008	YOUTH VILLAGES INC - WOBURN, MA	03/24/2023
213109379	02/01/2013	YOUTH VILLAGES INC - MEMPHIS, TN	02/01/2018
213123043	03/21/2013	YOUTH VILLAGES INC - MEMPHIS, TN	03/21/2018
113031200	06/24/2013	YOUTH VILLAGES INC - ARLINGTON, VA	06/24/2018
420082930	07/15/2013	YOUTH VILLAGES, INC - MEMPHIS, TN	07/15/2018
420356899	08/29/2013	YOUTH VILLAGES, INC. - MEMPHIS, TN	08/29/2018
420382766	09/05/2013	YOUTH VILLAGES, INC. - MARSHALL, MN	09/05/2018
420421230	09/12/2013	YOUTH VILLAGES, INC. - MEMPHIS, TN	09/12/2018
420440401	09/17/2013	YOUTH VILLAGES, INC. - COOKEVILLE, TN	09/17/2018
420451511	09/18/2013	YOUTH VILLAGES, INC. - MEMPHIS, TN	09/18/2018
420660856	11/01/2013	YOUTH VILLAGES, INC. - MEMPHIS, TN	11/01/2018
421549555	05/15/2014	YOUTH VILLAGES, INC - MEMPHIS, TN	05/15/2019
421873934	07/18/2014	YOUTH VILLAGES, INC. - MEMPHIS, TN	07/18/2019
421873946	07/18/2014	YOUTH VILLAGES, INC. - MEMPHIS, TN	07/18/2019
421941817	08/01/2014	YOUTH VILLAGES, INC. - MEMPHIS, TN	08/01/2019
422022531	08/19/2014	YOUTH VILLAGES, INC. - MEMPHIS, TN	08/19/2019
422740552	01/29/2015	YOUTH VILLAGES, INC. - MEMPHIS, TN	01/29/2020
422815814	02/19/2015	YOUTH VILLAGES, INC. - OREGON CITY, OR	02/19/2020
422845447	02/25/2015	YOUTH VILLAGES, INC. - MEMPHIS, TN	02/25/2020
422870789	03/04/2015	YOUTH VILLAGES, INC. - INDIANAPOLIS, IN	03/04/2020
423007094	04/02/2015	YOUTH VILLAGES, INC. - MEMPHIS, TN	04/02/2020
423741523	08/24/2015	YOUTH VILLAGES, INC. - MEMPHIS, TN	08/24/2020
424150019	11/23/2015	YOUTH VILLAGES, INC. - MEMPHIS, TN	11/23/2020
424285307	12/21/2015	YOUTH VILLAGES, INC. - MEMPHIS, TN	12/21/2020
425612528	09/07/2016	YOUTH VILLAGES, INC. - MEMPHIS, TN	09/07/2021
425638368	09/13/2016	YOUTH VILLAGES, INC. - MEMPHIS, TN	09/13/2021
426158526	12/30/2016	YOUTH VILLAGES, INC. - MEMPHIS, TN	12/30/2021
426259828	01/24/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	01/24/2022
426367667	02/14/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	02/14/2022
426698917	04/19/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	04/19/2022
426738998	04/26/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	04/26/2022
426922130	05/30/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	05/30/2022
426956295	06/05/2017	YOUTH VILLAGES, INC. - ARLINGTON, TN	06/05/2022
427410401	08/24/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	08/24/2022
427635543	10/09/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	10/09/2022
427854153	11/27/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	11/27/2022
428032381	12/29/2017	YOUTH VILLAGES, INC. - MEMPHIS, TN	12/29/2022
428484525	03/30/2018	YOUTH VILLAGES, INC. - MEMPHIS, TN	03/30/2023
428531625	04/09/2018	YOUTH VILLAGES, INC. - WORTHINGTON, OH	04/09/2023
428641272	04/27/2018	YOUTH VILLAGES, INC. - MEMPHIS, TN	04/27/2023
428903649	06/12/2018	YOUTH VILLAGES, INC. - MEMPHIS, TN	06/12/2023
429280642	08/20/2018	YOUTH VILLAGES, INC. - MEMPHIS, TN	08/20/2023
429644513	10/31/2018	YOUTH VILLAGES, INC. - MEMPHIS, TN	10/31/2023
429752435	11/26/2018	YOUTH VILLAGES, INC. - MEMPHIS, TN	11/26/2023

And those UCC liens are held by....

GREATAMERICA LEASING CORPORATION

P.O. BOX 609

CEDAR RAPIDS, IA 52406-0609

https://www.greatamerica.com/

and...

U.S. BANK EQUIPMENT FINANCE, A DIVISION OF U.S. BANK NATIONAL ASSOCIATION1310 MADRID STREETMARSHALL, MN 56258

....which used to be called HSBC, and is a foreign bank....

....but the Finland branch is closed....

.....but Youth Villages Foundation has over $200,000,000 in its coffers so I do not believe Janie's Fund is really anything more than a front because Medicaid already pays for the services it is soliciting.

So why the heck does Youth Villages have UCC liens on banking equipment?

Dammit Janet!

We need to talk.

Steven Tyler's Janie's Fund donates more than a half-million dollars in Support of Foster Youth Across the U.S.

https://janiesfund.org/

Funds to support Youth Villages' programs in Boston, New York City, Nashville and North Carolina

MEMPHIS, Tenn., Dec. 31, 2018 /PRNewswire/ -- Iconic music legend and humanitarian Steven Tyler, through his philanthropic initiative Janie's Fund, announced a year-end donation of $532,000 to support young women who have aged out of foster care in Boston, New York City, Nashville and the state of North Carolina.

Funds in all markets will be used to support public/private partnerships for YVLifeSet and will be matched directly with public funding and private donations. In New York City, funds will support a new pilot program and in Nashville, help ensure that every girl that ages out of foster care has access to the program.

YVLifeSet is a comprehensive, evidence-informed program that helps young people age 17 to 22 overcome challenges and childhood trauma to become successful, independent adults through experiential learning and intensive support.

"Through Janie's Fund, I've met so many young women who have experienced the horrors and pain of childhood trauma. And the effects of this trauma don't stop at 18," said Tyler. "YVLifeSet is making an amazing impact on the lives of so many young people, and I'm thrilled to be part of helping this program expand across the country. There are 10,000 girls who age-out annually and desperately need this level of care. It's my hope that we can announce additional program expansions in new year to help even more girls."

Tyler established Janie's Fund in partnership with Youth Villages in 2015 to provide hope and healing for many of our country's most vulnerable girls who have survived the trauma of abuse and neglect.

Without help, studies show that young people who experienced foster care are more likely to struggle as adults. A randomized clinical trial of YVLifeSet conducted by MDRC, a social research group, found that the program reduced homelessness, increased earnings and economic security, decreased mental illness, and decreased partner and domestic violence for participants.

About Youth Villages Youth Villages is one of the largest providers of services to children in Tennessee and a national leader in children's mental and behavioral health. The organization serves tens of thousands of children, families and young people in 16 states each year. Youth Villages' continuum of programs in Tennessee includes intensive in-home services; foster care and adoption; residential and intensive residential treatment campuses; YVLifeSet for transition-age youth; mentoring; and crisis services. The organization has been recognized by the Harvard Business School and U.S. News & World Report, and was identified by The White House as one of the nation's most promising results-oriented nonprofit organizations. Learn more at www.youthvillages.org.

About Janie's Fund Janie's Fund is a philanthropic initiative created by Steven Tyler in partnership with one of America's most effective nonprofits, Youth Villages. Named after Aerosmith's 1989 hit, "Janie's Got a Gun," which tells the story of a young girl who was abused by her father, Janie's Fund provides hope and healing for many of our country's most vulnerable girls who have survived the trauma of abuse and neglect. Through Janie's Fund, Tyler is using his big voice to give a voice to thousands of victims who haven't had one. For more information, visit www.janiesfund.org.

Steven Tyler once adopted a teenager and got her pregnant

Aerosmith rock star Steven Tyler's relationship history is as tragic as it is complicated — particularly the "Dream On" singer's shocking three-and-a-half-year involvement with a teen named Julia Holcomb in the 1970s.

According to a Lifesite piece written by the rocker's much younger ex-girlfriend back in 2011, she and Tyler reportedly first met backstage at an Aerosmith concert in Portland, Ore. in 1973. At the time, the frontman was in his late 20s, while she was just 16 years old.

As Holcomb claimed, Tyler was so taken with her that he asked her mother to sign over legal guardianship to him, which would allow the minor to join the "Walk This Way" band on the road. "I became lost in a rock and roll culture. In Steven's world it was sex, drugs, and rock and roll," she wrote, adding, "I didn't know it yet, but I would barely make it out alive."

Three years later, Holcomb became pregnant with Tyler's child, and while the former couple initially planned to marry, the rock star had a change of heart. Fueled by his reported doubts about impending fatherhood, he allegedly pressured Holcomb into getting an abortion. "His guardianship of me complicated things further," she wrote, explaining that she eventually agreed to having the procedure. "I was subordinate to him as in a parent relationship and felt I had little control over my life."

"Steven sat beside me in the hospital until it was over," she continued, but noted, "When the nurse would leave the room he was snorting cocaine on the table beside my bed. He even offered some to me once, but I just turned away, sick inside." According to Holcomb, both felt deep regret over the decision, and she returned home in early 1977. Now an anti-abortion advocate, she added, "I was a broken spirit. I could not sleep at night without nightmares of the abortion and the fire. The world seemed like a dark place."

While Holcomb told her side of the story back in 2011, Tyler had already publicly disclosed the ordeal in Aerosmith's 1997 autobiography, Walk This Way. "It was a big crisis," the "Cryin'" hitmaker wrote at the time (via the National Review). "It's a major thing when you're growing something with a woman, but they convinced us that it would never work out and would ruin our lives. You go to the doctor and they put the needle in her belly and they squeeze the stuff in and you watch. And it comes out dead." He continued, "I was pretty devastated. In my mind, I'm going, Jesus, what have I done?"

According to the band's co-founding member and former guitarist, Ray Tabano, the abortion "really messed Steven up."

Readers may already be aware that Tyler briefly had an affair with supermodel Bebe Buell, with whom he shares daughter and actress Liv Tyler, while he and Holcomb were still together. The former Playboy model later agreed with Tabano's assessment, telling the National Review that her ex began to spiral following the abortion while on tour in Europe. "He was crazy," she said of his drug and alcohol abuse at the time, adding, "Totally drunk, really out of it."

Of course, when Buell became pregnant with daughter Liv in 1977, she broke things off with Tyler and famously kept his paternity a secret for years while music producer Todd Rundgren took on the role of dad. As the Lord of the Rings star later recalled on The Jonathan Ross Show in 2015, "My mother was very young when she had me and there was a little bit of confusion about where I came from."

She went on to say, "I kind of figured it out because [Steven] looked exactly like me, and I have a sister named Mia who is a year younger than me, and I saw her standing at the side of the stage at a concert and I was literally like looking at my twin. She looked exactly like me." The actress, who was just eight years old at the time, added, "I looked at my mom and she had tears in her eyes, and I kind of put it all together."

For his part, Steven Tyler remained deeply affected by the abortion, particularly when he and his then-wife, the late model Cyrinda Foxe, welcomed daughter Mia in 1978. "I was afraid," he wrote in Walk This Way (via the National Review). "I thought we'd give birth to a six-headed cow because of what I'd done with other women. The real-life guilt was very traumatic for me. Still hurts."

More recently, Tyler opened up about his admittedly promiscuous rock 'n roll lifestyle throughout the '70s during an interview with Fox News' Objectified in July 2018. "I think rock stars … I felt like I had an obligation to keep that alive," he said of sleeping around (via TMZ). "I certainly had my way with women and women had their way with me."

https://beverlytran.blogspot.com/2010/11/youth-villages-statement-to-ways-and.html

Youth Villages Statement to... by on Scribd

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Monday, May 21, 2018

Day 215.9. Not Awan Contra, This Is Iran Contra Continued - Palmer Bank

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Sunday, December 24, 2017

Unmasking The Conjugal Collaborative: DOJ Assests Forfeiture Program

The Conjugal Collaboratives Beseiging The Castle
On Orders Of The Celestial Goddess
Of The Woodshed To Save Her Errant Knight

After all this time, I have been calling this organization a conjugal collaborative when I am just now finding out that it is called the Assests Forfeiture Program.

I am still going to call it a conjugal collaborative because it is sounds more romantic and is part of my fairy tale I am writing.

HA!

Organization of the Assests Forfeiture Program:

An agency is by definition a participating member of the AFP if the forfeited proceeds of its seized assets are deposited into the Assets Forfeiture Fund (AFF). Only member agencies that contribute to the AFF in this way are eligible to receive an annual allocation of resources from it. AFP participants from the Department of Justice include, the Asset Forfeiture Management Staff (AFMS) of the Justice Management Division; Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF); Drug Enforcement Administration (DEA); Federal Bureau of Investigation (FBI); INTERPOL Washington, which withdrew from the AFP in March 2016; Money Laundering and Asset Recovery Section (MLARS) of the Criminal Division (renamed in January 2017 from Asset Forfeiture and Money Laundering Section (AFMLS)); Executive Office for Organized Crime Drug Enforcement Task Forces (OCDETF); Executive Office for United States Attorneys (EOUSA) and United States Attorneys’ Offices (USAOs); and United States Marshals Service (USMS). Other participants are Department of Defense, Defense Criminal Investigative Service (DCIS); Department of State, Bureau of Diplomatic Security (DS); Department of Health and Human Services, Food and Drug Administration, Office of Criminal Investigations (FDA); Department of Agriculture, Office of the Inspector General (USDA); and United States Postal Inspection Service (USPIS).

U.S. Department of Justice Assets Forfeiture Fund and Seized Asset Deposit Fund Management’s Discussion and... by Beverly Tran on Scribd

One should bare in mind the name of the publication: U.S. Department of Justice Assets Forfeiture Fund and Seized Asset Deposit Fund Management’s Discussion and Analysis (Unaudited)

I even highlighted that in fuchsia.

The primary mission of the DOJ AFP is to maximize the effectiveness of forfeiture as a deterrent to crime. This is accomplished by means of depriving drug traffickers, racketeers, and other criminal syndicates of their ill-gotten proceeds and instrumentalities of their trade. Components responsible for administration and financial management of the AFP are charged with lawfully, effectively, and efficiently supporting law enforcement authorities in the application of specified forfeiture statutes.

This Assests Forfeiture Program has a fund, but as to what kind of fund that is, well, this is left open for query.

Is it a trust fund?

Is it a children's trust fund because it has that posterity thing going on from its mission statement, above.

What is exactly in the fund and how is it managed, or rather invested?

This DOJ Asset Forfeiture Program has already targeted child welfare fraud, so, I guess we wait.

I smell another DOJ internal investigation, and soon enough, restructuring of its conjugal collaboration, because the Meanie collaborators are cojugating with other Meanies to make a DOJ slush fund, or that is what it looks like to me because of the properties.

I bet there are no chains of command in the recordkeeping of those properties.

I bet those properties have very interesting backgrounds and financial futures, too, considering the fact that KMPG, the global auditing firm which conducted this Assets Forfeiture Program & Seized Asset Deposit Fund Audit, and the Clinton Foundation, have one of those conjugal collaboratives going on.

Improvements Needed in Internal Controls over Financial Reporting

In fiscal year (FY) 2017, deficiencies continued to exist in the Assets Forfeiture Fund/Seized Asset Deposit Fund’s (AFF/SADF) internal controls over financial reporting. Specifically, we noted that management did not have sufficient policies and procedures or effective controls in place to ensure that:

Supporting judicial information was obtained timely and properly evaluated so that revenue was recognized in the appropriate accounting period, and federal agencies participating in the U.S. Department of Justice’s (DOJ) Asset Forfeiture Program (AFP) updated the Consolidated Asset Tracking System (CATS) timely.
Manual journal entries properly represented the underlying accounting events.
Budgetary information reported in the financial statements was properly reconciled and presented.

There were lots of deficiencies in this findings report.

Is this connected to TARP?

Stay tuned.

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Friday, June 2, 2017

Day 222 - Hillary's Leakers, Hackers, and Henchmen: KimDotCom, DNC & FBI

DNC Pulled the File. Early Metadata Looks Like July 7th, 2016, But We Are Having Experts Review

FBI Evidence Bag For FBI Bullet?

Kim Dotcom Negotiating a Plea Deal

Imran Awan at Inter-America, Congressman Wexler's Capitol Hill Reality Show on Sundance Channel 6 Called The Hill

Long version

Blackberries and Govt Contracting

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Sunday, May 28, 2017

Day 217 - Hillary'Hillarys , Hackers, and Henchmen: FBI & DC Conflict of Interests

Podesta's Moving Money Now as Conspiracy Dissolves, Gold, Diamonds and Art

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Thursday, May 4, 2017

Families & Children's Justice With Debbie Williams & Beverly Tran

This show was dedicated to Monica Petersen, a phenomenal woman who was murdered in Haiti

while uncovering human trafficking and slavery under the authority of the U.S. State Department.

For this episode of Families & Children's Justice, your host Debbie Williams addresses in depth issues within Medicaid fraud in child welfare.

Along with her special guest, Beverly Tran, they tackle the controversial issues in the child welfare fraud network.

Some of the industries examined are:

political campaign finance
NGO international child welfare fraud
foster kids as human biomedical test populations billable to Medicaid
human trafficking financing in the United States

Make sure to join the investigative jounalistic movement to unveil the secret fraud operations, deep within the global child welfare system.

Below, you will find links to the topics discussed on the show:

Happy Compassionate Human Trafficking Month (aka Child Welfare Propaganda)

HBCU, SEC, DOE, DOJ And The Child Welfare Fraud Network

9th Circuit Opinion Says Child Welfare Workers Do Not Have"Right To Lie"

A Michigan Order Of Medicaid Fraud In Child Welfare

Lil' Miss Hot Mess Daire Rendon Is An Equal Opportunity Disenfranchiser

Foster Kids Are Lab Rats

Michigan Child Welfare Administration: Same Day, Same Administrators

Michigan Child Welfare Data Fusion Centers

Children's Defense Fund Holds Its Annual Tax Exempt Propaganda Hustle

Michele Bachmann And The Conjugal Cooperative

HSBC, SBA, DHS, State Department, And The Child Welfare Fraud Network

"It takes a village....then pillages its resources"

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Sunday, April 16, 2017

HSBC, SBA, DHS, State Department, And The Child Welfare Fraud Network

“There's a network," Wilbourn-Snapp said. "It's so deep.”

The U.S. Small Business Administration Office of Advocacy assists the State Department Intercountry Adoptions start-up child welfare organizations with loans.

These child welfare loans intentionally default and the SBA pays them off.

The child welfare organizations and HSBC, then split the booty by funding political campaigns.

The SBA would never do anything contrary to the desires of the U.S. Department of State... as it is such a staunch advocate for protecting the best interests of the child, abroad ...as this is a multi-billion dollar industry, where... as it seems, HSBC is the financial administrator.

Just another child welfare fraud scheme.

I will always love you, Pretty Preet!

Acting Manhattan U.S. Attorney Settles Civil Lawsuit Against HSBC Bank USA, N.A., Regarding Failure To Disclose Fraud Or Potential Fraud In Guaranteed Loans

Defendant HSBC Bank USA, N.A., Admits Submitting Dozens of Loans for Payment on SBA Guarantees Without Disclosing that Loans Had Been Identified as Fraudulent or Potentially Fraudulent

Joon H. Kim, the Acting United States Attorney for the Southern District of New York, and Eric S. Benderson, the Acting General Counsel of the U.S. Small Business Administration (“SBA”), announced today that the United States has settled a civil fraud lawsuit against HSBC BANK USA, N.A. (“HSBC”).

The Government’s complaint, filed on April 10, 2017 (the “Complaint”), sought damages and civil penalties under the False Claims Act for misconduct in connection with HSBC’s participation in the SBAExpress loan program, which was designed to help start-ups and existing small businesses.

The Complaint alleged that, as part of an internal review designed to identify reasons for defaults on loans to small and medium-size enterprises, HSBC identified dozens of SBAExpress loans as fraudulent or potentially fraudulent, since borrowers appeared to have submitted false information to HSBC to obtain the loans.

The Complaint further alleged that after 42 of these loans defaulted, HSBC sought reimbursement from the SBA without revealing the facts suggesting that borrowers submitted false information to HSBC to obtain many of the loans, or the fact that HSBC had included the loans on an internal list of fraudulent or potentially fraudulent loans.

In the settlement approved today by U.S. District Judge Lorna G. Schofield, HSBC agreed to pay $2,118,861.36 to resolve the Government’s claims, and admitted, acknowledged, and accepted responsibility for conduct alleged in the Complaint.

Manhattan Acting U.S. Attorney Joon H. Kim said: “Lenders must disclose material information for our agency partners like the SBA, who administer federal loan programs.

When they fail to do so – as HSBC did here, by submitting loans for repayment on SBA guarantees without disclosing that the loans had been identified as potentially fraudulent – they need to be held to account.

This settlement reflects the Office’s continuing commitment to keep lenders who participate in federal lending programs honest.”

SBA Acting General Counsel Eric S. Benderson said: “This case is yet another example of the tremendous results achieved through the joint efforts of the SBA and the Department of Justice to uncover and forcefully respond to civil fraud committed by those who participate in SBA’s lending programs. Identifying and aggressively pursuing instances of civil fraud by participants in the Agency’s lending programs is one of SBA’s top priorities.”

The Government’s lawsuit alleged as follows:

In or around 2006, HSBC conducted an internal review to identify reasons for the default rates on loans it had made to small and medium-size enterprises, including but not limited to loans issued pursuant to SBAExpress.

HSBC created a list of known fraud accounts as part of the review. HSBC identified many SBAExpress loans as fraudulent or potentially fraudulent in which borrowers may have submitted false information to HSBC in obtaining their loans, including 42 loans (the “Loans”) referenced in an exhibit attached to the Complaint.

After the Loans defaulted, HSBC sought reimbursement from SBA for the guaranteed amount on each of these Loans (up to 50 percent of the principal of the Loans) without telling SBA that many of the Loans were fraudulent or potentially fraudulent.

Specifically, HSBC did not inform SBA of all of the facts indicating that borrowers may have submitted false information to HSBC in connection with the origination of many of the Loans, or that HSBC had included these Loans on an internal list of fraudulent or potentially fraudulent loans.

HSBC’s failure to disclose that it had determined that many of the Loans were fraudulent or potentially fraudulent rendered HSBC’s reimbursement requests for losses incurred in connection with the Loans false, misleading, and/or fraudulent.

The submissions made to SBA in connection with seeking reimbursement on many of these Loans contained half-truths and material omissions by failing to disclose facts about fraud or potential fraud by borrowers when the Loans were originated.

The case was initially brought by a whistleblower under the False Claims Act, and the Government intervened in the case.

Pursuant to the settlement, HSBC will pay the United States $2,118,861.36. As part of the settlement, the bank admitted, acknowledged, and accepted responsibility for the following conduct:

In or around 2006, HSBC voluntarily commenced an internal effort to gain an understanding of the reasons for the default rates on loans that it had made to small and medium-size enterprises, including but not limited to loans issued pursuant to the SBAExpress program. HSBC’s efforts included an attempt to identify whether any of the loans involved fraud or potential fraud by borrowers;

As part of this effort, HSBC identified a number of loans as fraudulent or potentially fraudulent in which borrowers may have submitted false information to HSBC in obtaining their loans, including the Loans;

HSBC subsequently sought from SBA the guaranteed amounts on each of these Loans (i.e., up to fifty percent of the principal of the Loans) after the loans defaulted;

In submitting the requests for payment to SBA of the guaranteed amounts of certain Loans, HSBC did not inform SBA of all of the facts indicating that borrowers may have submitted false information to HSBC in connection with the origination of these loans, or that as a result HSBC had identified these loans as fraudulent or potentially fraudulent.

Mr. Kim thanked SBA for its investigative efforts and assistance with the case.

This case is being handled by the Office’s Civil Frauds Unit. Assistant U.S. Attorney Lawrence H. Fogelman is in charge of the case.

U.S. Small Business Administration Office Of Advocacy Loans For State Department Intercountry Adoptions Fac... by Beverly Tran on Scribd