Former Attorney and Legal Officer for the Federal Reserve Banks of
New York and Cleveland Gives Sworn Statement of Deception
"15. The Plaintiff in fact never lent any of its own pre-existing money,
credit, or assets as consideration to purchase the Note or credit
agreement from the Defendants."
"17. ...None of the following material facts are disclosed in the credit application
or Note or were advertised by Plaintiff to prove that the Defendants are the true
lenders and the Plaintiff is the true borrower. The Plaintiff is trying to use
the credit application form or the Note to persuade and deceive the
Defendants into believing that the opposite occurred and that the
Defendants were the borrower and not the lender. The following point is
undisputed: The Defendants’ loan of their credit to Plaintiff, when issued and
paid from their deposit or credit account at Plaintiff, became money in the
Federal Reserve System (subject to a reduction of up to ten percent for reserve
requirements) as the newly issued credit was paid pursuant to written orders,
including checks and wire transfers, to sellers of goods and services for the
account of Defendants."
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