Lansing precious metals expert and Liberty Coin Service owner Patrick A. Heller was cited in support of a complaint just filed with the US Department of Justice Antitrust Division. On April 8, Jason Hommel posted the details of his complaint against JP Morgan & Co. filed with the Antitrust Division Citizen Complaint Center.
The complaint alleges that JP Morgan Chase has fraudulently sold non-existent silver for the purpose of manipulating the price of silver. Details of the complaint can be read at http://silverstockreport.com/2010/doj.html.
In the list of supporting corroboration of the basis for the complaint, Hommel included Heller’s March 29 column CFTC Gets Facts of Bullion Manipulation. This essay details the information presented at the March 25 hearings held by the US Commodity Futures Trading Commission (CFTC). In particular, a series of emails were revealed at the hearing between Andrew Maguire, a former London-based Goldman Sachs silver trader and officials of the CFTC Enforcement Division. They concerned the actions of JPMorgan Chase silver traders in London signaling in advance the times when they would be taking action to suppress the price of silver. Maguire had also recorded his telephone calls with CFTC officials on this issue, which is legal in England. Attorneys are currently working to ensure these can be legally provided to the media and public.
Said Heller, “I covered this issue in more detail in the just released April 7 issue of Liberty’s Outlook, Liberty Coin Service’s monthly customer newsletter,” posted at http://libertycoinservice.com. “Since JPMorgan Chase is the lead trading partner executing the policies of the US Federal Reserve Bank, I anticipate that this could develop into the largest US political scandal since Watergate. I think this will hurt the current value of the US dollar and maybe even risk the survival of America’s currency.”
Award-winning Liberty Coin Service, in the Bank of America and Clippert Buildings in the Frandor Shopping Center in Lansing, was established in 1971. It is Michigan’s largest rare coins and precious metals bullion dealership. Owner Pat Heller is the author of Liberty’s Outlook, the company’s monthly newsletter, and writes weekly gold and precious metals commentaries for www.numismaster.com and www.coinupdate.com. Most recently, he was honored with the 2010 Greater Lansing Entrepreneurial Awards for the Retail category and with the American Numismatic Association Presidential Award in 2008. As a member of the Michigan Quarter Commission appointed by former Governor John Engler, Heller was also the primary author of the written description supplied to the US Mint for the design of the 2004 Michigan quarter, effectively being the unofficial “artist” of the coin. Heller also serves as treasurer and a member of the board of directors of the Industry Council for Tangible Assets, the national trade association for precious metals and rare coin dealers.