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'Sitting Duck' loans for name sake debtors-
Ron Hicks interviews Canadian author Tony Crawford about his books and card games, 'The Perfect Sting' based on the following experience.
BMO plays all their cards to claim repayment of a 'Sitting Duck' loan including alleged mistruths and swapping the defense's Factum to win $80,000 from 10-year's litigation. BMO will rehash the same arguments defending a $40,000 claim concerning a commingled undocumented, unsigned loan behind Allied Canadian Tax Shelter schemes. The LSUC - Law Society of Upper Canada has written they will resolve Crawford's complaint alleging potential miscarriage of justice before a December 21, 2009 pre-trial hearing.
Banks object to reforms while the Canadian government wallows in billion of dollars in debt to 'Sitting Duck' loans they bailed out at taxpayers' expense. In litigation, judges generally find victims responsible to repay bank claims. Bank loan dependent ABCP Third Party Notes also known as Non-bank Notes cost all Canadians billions in personal losses, and public losses due to tax evasion and government bailouts.
‘Sitting Duck’ loans are undisclosed unsigned credit applications for namesake debtors identified by signature affidavits to purchase already mortgaged assets with codependent Non-bank Notes that launder revolving tax credits for cash until the mortgage expires in tax shelter schemes that can’t be sold, or work without them.  

Bankers walk the talk:
1.

Canadians and leading politicians concerned with white-collar crime have signed Petition 44. NDP Leaders Jack Layton and Andrea Horwath signed Petition 44 to probe 'Signature-Specific-Identity-Theft' for consumer safeguards. Ontario legislative assembly has read it four times since 2007 without follow up for an investigation into predatory lending practices. When will the government safeguard private and public wealth and combat tax evasion in financial markets? When will we have a 'Responsible Lending Act?  

The following business model illustrates Step Transactions for loan dependent ABCP Third Party Notes also known as Non-bank Notes. The scheme apparently launders billions of government approved tax credit dollars for cash to banks and their agents in the small print of tax shelter agreements that bundle debt in tax credit savings loan accounts.
2.

Tax shelter product sales start as people might experience buying a car signing a loan agreement in a dealer’s showroom. In this case, tax shelter schemes sell ownership in real estate units with agreements to pay mortgage contributions for tax credits. Financial information and subscription agreements are used to pre-qualify people for government-approved income tax credits that require debt structured to a mortgage and two codependent loans.  

The same loan application people sign to buy investments in front office sales is used in back office sales for prerequisite so-called Sitting Duck loans for namesake debtors to purchase property that is mortgaged in negative equity deals. Closing amounts are filled out on signed but otherwise blank commercial paper with two promissory notes to evidence paired loans that generate tax credits according to predefined mortgage terms and conditions.

The scam requires undisclosed unsigned bank loans to close sales and launder tax credits for cash until the mortgage expires in default. In that eventuality, the bank is prepared to repossess investors’ property to clear the mortgage. The promoter and bank collect promissory notes using sales reps’ witness on notarized signature affidavits from the front office to identify debtors in the perfect sting. The bank explains the procedure.

AUDIO - ITS A LOAN CLICK HERE
3.
Step transactions camouflage front office bank-within-a-bank operations where the back office rubberstamps the bank's name and branch address on blank promissory notes in sales packages signed at the point of sale called Off-site Loans Closings
AUDIO - YOU SIGNED ALL DOCUMENTS CLICK HERE

4.
Back office lending decisions are written on signed Bank-demand Notes to evidence people in debt to the bank. Then, worthless investors' notes are filled out with quantities to make Non-bank Notes afforded to bank daylight loans that on receipt of cash from the bank in the back office, the promoter in the front office signs commercial paper in acceptance of indebtednesses thereof.
AUDIO - YOU COULD HAVE SIGNED A MILLION  CLICK HERE
5.
Notes that evidence debt from Off-site Loans Closings are not witnessed. The bank relies on the promoter in the front office to notarize bank paid witness to identify people signing investment contracts are the same parties signing bank promissory notes sent to the back office. In this, the bank has the foresight to attach waivers stating the promoter is not an agent selling loans to close sales
AUDIO - IT'S NOT WITNESSED EITHER  CLICK HERE
6.
Daylight loans close step transactions the same business day for legal requirements. This example involves property and a mortgage that generate interest charges for investors to claim tax credits that encourage people to put money into government endorsed savings plans as safe investments
AUDIO - YOU COULD HAVE OTHER LIABILITIES  CLICK HERE
7.
In this scheme the back office apparently uses predefined terms and conditions written into investment contracts for loans executed without disclosure to paper value to Non-bank Notes after which investors receive investment contracts from the front office. A few days later the bank sends remittance requests for undisclosed loans that without bank account reference numbers people connect with front office mortgage partnership statements claiming tax credits. Peoples' tax savings from mortgage credits start a revenue stream to the underwriting bank as people deposit money into tax credit savings loan accounts
AUDIO - MONTHLY PAYMENTS  CLICK HERE
8.
The bank in the back office claims the investment property was purchased from the proceeds of personal loans. However, the front office apparently collects and reports interest on Non-bank Notes for personal income tax credits funneled into an off balance sheet mortgage account. Revenue streams to the promoter continue as long as the mortgage exists, or ends in default with the bank apparently poised to repossess investors’ property in the back office to clear any unpaid mortgage in the front office. The back office and the front office collect both loans still outstanding to promissory notes.
AUDIO - NO SECRET ACCOUNT  CLICK HERE
9.

Claims for personal income tax credits to monetize Non-bank Notes from investment cash flow is a form of evasion not really intended by tax law. It is the number one white-collar crime in the IRS consumer alert. The scheme leverages negative equity in overvalued property with predetermined losses to undisclosed loans. It would take a four-fold increase in property value for investors to lose all their savings to debt obligations and still have nothing in return. Revenue streams from tax credit savings to the bank and investment cash flow to the promoter appear to siphon seven times the mortgage that is unsustainable and ends in failure to investors. Tax credit revenue streams stop with disbursements after disposition when the front office collects investors’ Non-bank Notes taken out of the sale.

Bank claims for repayment of prerequisite investment loans after some ten years surprise many investors seeing rubberstamped and filled out Bank-demand Notes for the first time. The bank identifies investors by their signatures and litigates to collect promissory notes on the strength of notarized witness from front office sales. They call defendants sophisticated investors, and stereotype them as victims of their own greed. Canadian Courts rule that makers of Non-bank Notes must prove an agency relationship between ABCP holders and the bank that also holds and trades ABCP derivatives to challenge otherwise legally binding obligations to the underwriter
AUDIO - PAY WHAT YOU OWE  CLICK HERE
Petition 44 supports public awareness about signature specific identity theft and bank loan dependent ABCP Third Party Notes and the need to regulate their makers. Step transactions are essentially geared for tax evasion, and this case study at the Wall Street Journal at the Future of Finance Initiative in Washington DC on March 23, 2009 raised underwriting standards that income covers debt is the highest priority for banking reform. Leading bankers presented it to the White House reported to the Canadian government on March 26, 2009 for the April 2, 2009 G20 Summit. Canadian recommendations for a Reverse Onus Rule as discussed with Minister of Finance, the Hon. James Flaherty are consistent with the G20 tax information-sharing objective to safeguard private and public wealth, and especially prevent toxic loans behind tax evasion as a known problem in financial markets
AUDIO - GOVERNMENT RESPONSE  CLICK HERE
 

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