Whistleblower: JP Morgan Chase Committing BIG Credit Card Fraud

Former JPMorgan Chase (JPM) employee Linda Almonte, who is suing the bank for wrongful termination, has also filed an SEC whistleblower complaint saying that Chase is engaged in illegal practices including robo-signing and selling hundreds of millions of credit card accounts to third party buyers when the execs knew that many of these accounts had incorrect and overstated balances. Œ

She says Chase execs routinely destroyed info and communications from consumers rather than put them into the consumer’s credit card file including bankruptcy notices, powers of attorney, notice of cancellation of auto-pay, proof of payments and letters from debt settlement companies. She also alleges that when she notified Chase Banks execs of the systemic problems they fired her and tried to cover up the issues.Almonte says she has a large volume of documents available for review by the SEC. She also says that she witnessed the head of Chase’s pre-litigation group shred material communications from borrowers. Apparently Ms. Almonte’s lawyer was shocked that the letter had been leaked.