Smug JPMChase VP Chastises Producer’s Lawyers

“In rejecting plaintiff’s application, JPMorgan asserted that its superior moral position prevented it from loaning plaintiff money because one of plaintiff’s sources of income did not meet JPMorgan’s ‘morality standards’ and that the ‘reputational risk’ of loaning plaintiff money threatened JPMorgan’s public image. JPMorgan’s hypocrisy would be laughable except plaintiff was in fact illegally discriminated against and denied a loan by JPMorgan.” -Complaint in Greenberg v JPMChase

Marc L. Greenberg, the producer behind late-night Cinemax soft-core porn classics like “Co-Ed Confidential” and “The Best Sex Ever,” and made for TV classics like “Deviant Co-Eds” is suing JPMChase in Los Angeles Superior Court claiming lending discrimination.

Greenberg who was a JPMChase securities customer and home loan customer with an annual income of more than $500,000 and a net worth of more than $10 million, naturally assumed that the process would go smoothly and relatively quickly when he went to apply for home loan on one of his properties in Marina Del Rey, California.

After four months of getting the run around from JPMChase, Greenberg contacted JPMorgan Securities Vice President Adam Gelcich and the complaint alleges what happened during that conversation,

“Adam Gelcich was evasive in his response to plaintiff’s application status requests and finally informed plaintiff during a telephone conversation that plaintiff’s loan application was refused due to ‘moral reasons,’ because of JPMorgan’s disapproval of plaintiff’s former source of income and occupation as an owner of a television production company that produced television programs that dealt with the subject of human sexuality. Plaintiff’s repeated attempts to obtain a written statement of the reasons for the denial of his loan application and a copy of JPMorgan’s ‘morals clause’ were ignored.”

Greenberg then alleges he sent Gelcich over an email describing what he perceived to be JPMorgan Chase’s discriminatory lending practice and threatened legal action and served the bank with an intent to sue notice.

This caught the attention of Deb Vincent, a VP in Chase’s legal fair lending department.  After several weeks of Greenberg’s attorneys hounding Vincent like a bill collector, she allegedly told Greenberg she could not find the file and that Gelcich no longer worked for Chase and she was “unable to locate someone who may have worked with or managed Adam Gelcich.“

But Greenberg’s  attorneys claim this isn’t entirely true and that Gelcich is still working at JPMorgan Chase because they discovered him at his office and sat down with him for a little chat.  It was then that the complaint alleges that Adam Gelcich mockingly told them, “JPMorgan can deny an application for reputational risk to our firm and that plaintiff was ‘making a big deal over nothing’ and ‘good luck’ in obtaining legal relief,”

In Greenberg’s complaint, he also says he finds JPMorgan Chase’s denial on grounds of morality is hypocritical and repugniant since JPMorgan has overlooked its own moral transgressions as it continues to mislead shareholders, mislead customers, manipulate markets and trade with enemies of the United States, but it is relentless in seeking to punish plaintiff for his former involvement in television programming involving human sexuality that JPMorgan purportedly finds to be shameful.

In his complaint, Greenberg also brings up several transgressions that JPMorgan is currently under investigation for by the FBI, FDIC, SEC, the Commodity Futures Trading Commission, the Office of Controller of the Currency and federal prosecutors in Manhattan for:

“A. Multibillion dollar trading losses that cost its shareholders between $5 billion and $15 billion; B. A criminal investigation of top JPMorgan executives by the FBI over lying to investors and federal regulators with respect to the multibillion dollar trading losses; C. Misstatements by JPMorgan regarding how the bank harmed more than 5,000 homeowners in foreclosure; D. Inadequate controls against money laundering that allow tainted money to move through the bank’s network; E. Violations of federal law in failing to report suspicious transactions of Bernie Madoff; F. Selling CDOs [collateralized debt obligations] to customers by concealing that the CDOs were comprised of failing home loans; G. Rigging bids to cities and counties; H. Overcharging and manipulating electrical power markets resulting in JPMorgan being barred from the electrical power market; I. Engaging in transactions involving Cuba, Iran and Sudan in violation of the U.S. embargoes.”

Greenberg v. JPMorgan Chase by Steve Dibert

Greenberg seeks an injunction and damages for violations of the federal Fair Employment and Housing Act, the Unruh Civil Rights Act and California’s consumer protection and fair business laws.

Editor’s Note – You can also check out other artwork by Gonzo Banker Artist William Banzai 7 at his website -Steve