Monday, May 18, 2015

Has this been reported in Greensboro?; "The IRS Seized $107,000 From This North Carolina Man’s Bank Account"

Lyndon McClellan is a small entrepreneur who owns and operates L & M Convenience Mart in Fairmont, North Carolina.

Will Greensboro's press report on this, 
as it involves our local banking giants?

L & M comprises a gas station, convenience store, and a small restaurant serving hot dogs, hamburgers, and catfish sandwiches.  One day last July, more than a dozen federal, state and local law enforcement agents swarmed Mr. McClellan’s business, including agents from the FBI and the North Carolina Alcohol and Law Enforcement agency—and they were “asking” for him.  When Mr. McClellan arrived, he was escorted by two federal agents into his stock room for a private chat.  The agents showed him paperwork indicating that he had made two cash deposits totaling $11,400 within a 24-hour period in his bank account at the Lumbee Guarantee Bank.  They informed him that the papers also indicated that he had a history of “consistent cash deposits” of less than  $10,000, which was a violation of the the Federal law against “structuring.”  They also informed him that the IRS had seized all of the $107,702.66 in L & M’s bank account.

Is the government going after local banks, 
instead of the mega-financial institutions
who dominate our nation's financial and political landscape?

What Mr McClellan did not know was that it was against the law to make cash deposits of less than $10,000.

...if one is merely suspected–not convicted–of structuring, his bank account is seized by the IRS under “civil asset forfeiture” laws, which permits seizures of money or other property suspected of being related to a crime.

Government agencies have a financial incentive to invoke civil asset forfeiture laws because the law permits the seizing agency to keep the assets and use them to expand  their activities without an appropriation from Congress.  In its insatiable hunger for funds, the IRS even  “deputizes”  state and local law enforcement agencies to go through “suspicious activities reports” in exchange for a cut of the loot subsequently seized by the IRS.

As long as it's not a client of Bank of America
HSBC, Wells Fargo etc...  

...Months after the seizure of his bank account, the federal government offered Mr. McClellan 50 percent of his money back if he agreed to a settlement.  He heroically refused and intends to pursue the matter in court.

...It’s not fair to the American people who work for a living that one day they can knock on the door, walk in their businesses, and say, ‘We just took your money’ … I always thought your money was safe in the bank, but I wouldn’t say that now."
"Under Public Pressure, IRS Returns $107K Seized From NC Small Business Owner

Lyndon McLellan has been battling the IRS since it seized his convenience store’s entire bank account last fall. Under public pressure, the IRS notified his attorney that it was voluntarily dismissing the case and will be returning 100 percent of his money.

McLellan was never convicted or even charged with a crime after IRS agents raided his small business–L & M Convenient Mart in Fairmont, North Carolina–last October. The IRS, however, seized $107,000 from his business’ bank account

...According to the New York Times, “Under the increasingly unpopular practice of civil forfeiture, law enforcement agents can seize property suspected of having ties to crime, even if no charges are filed — and then begin forfeiture proceedings, in which the burden of proof is on the owner.”

Don't expect Warren Buffett's News and Record
 or Roy Carroll's Rhino Times
 to cover the issue, 
as it could hurt Warren's banking investments
 and Roy's financiers.

Nothing in North Carolina so far, as of 8:20pm on 5/16/2015;
Think  ≠  Chess & Cognitive Dissonance

All animals are equal,
but some animals are more equal than others.

George Orwell

Known and unknown,
you were, are and will be pieces of varying value
in several games between local information dissemination outlets.

You may or may not be playing the games you think,
as those you think are informing you of non-biased information,
aren't, as they conform to the stories
which benefit the owners of the news sources.

The great majority of mankind are satisfied with appearance
as though they were realities,
and are often more influenced by the things that seem than those that are.

Niccolo Machiavelli

Can some things not matter until they do,
unless they actually do while you believe they don’t until it’s too late?

What if what you think isn't?

That which is one is one.

That which is not one is also one.

Chaing Tzu

If nothing doesn’t change, is remaining stationary optional,
if what you are told to believe isn't what is, 
or what you've been told is something other than?

If you don't actually know what is occurring, 
can you believe what may not be true
even if you don’t want to, but don't know any better?

Whatever failures I have known, whatever errors I have committed,
whatever follies I have witnessed…,
have been the consequence of action without thought.

Bernard Baruch
American financier and presidential advisor

If our local press doesn't report what should be, 
which they can change the perception of without everyone knowing,
should most blindly follow what you're told to believe
even if your information sources lack enough scruples 
to inform the public of what is most likely true, 
or just not report what could be considered 'divisive'?

Do most know more about Bruce Jenner, 
than what's happening to the protection 
of their constitutional rights?

If someone like Roy Carroll 
can influence what many perceive by owning an information source
and many can think they’re winning or right
when they are actually losing or wrong,
can influencing others’ thoughts enhance Roy Carroll's financial results,
and vice versa?

The more competitors there are, the harder it is to win.

Think ≠ Chess, can = Collateral damage.