Consumer complaint received 2024-01-28
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Fraud or scam — 
Company: BANK OF NEW YORK MELLON CORPORATION, THE (CO)

Bank of New York Mellon, Indenture trustee has committed Conversion and Breached its fiduciary duty. The indenture trustee has refused to return the securities and is unlawfully practicing manipulative and deceptive tactics to sell Consumers securities on the Secondary.

Procedural History : The aggrieved party herein has issued numerous registered securities to the Indenture Trustee and paying agent Bank of New York Mellon on or about XXXX of XXXX. The Securities were sent by way of Registered Mail, Return Receipt. The said securities were addressed and accepted by XXXX XXXX, Vice President at XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX New York XXXX. The indenture Trustee was instructed to perform a remittance Transfer. 
According to the Prospectus and Prospectus Supplement filed by the Issuing Entity with the Securities Exchange Commission, the aforementioned documents, Transfer and Assignment of Receivables, and Receivables Sale Agreement it appears that the Receivables arriving from the Consumers credit card account ( s ) were sold, assigned, conveyed, and transferred to XXXX XXXX XXXX XXXX. 
The Responsibility and Duties of the owner trustee and indenture trustee to take due care of the securities and pursuant to the indenture agreement to discharge and cancel the instruments upon delivery. It should be noted that the Prospectus and Prospectus Supplement does state that neither the Owner trustee nor the indenture trustee ( paying agent ) is liable for any errors of judgment as long as the errors are made in good faith unless it is proved that the indenture trustee was negligent in ascertaining the pertinent facts. ( See Owner Trustee -- Limitations on Owner Trustees Liabilityand The Indenture Trustee -- Limitations on Indenture Trustees ' Liability ) The aggrieved party believes that the Trustee and Indenture Trustee is committing securities fraud and embezzling millions of dollars of registered securities through sells on the secondary market. That this action automatically eliminates any claims of good faith by either party. When parties act in an unethical or deceptive manner their actions illustrate Bad faith opposed to Good faith. Unlawful Acts : Trustee Citibank , N.A . and Indenture Trustee Bank of New York Mellon have conspired to violate XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX PL XXXX. The Trustees conducted is described in New York Consolidated Laws, UCC 3-419. Conversion of Instrument. Which states in part : ( XXXX ) An instrument is converted when ( a ) a drawee to whom it is delivered for acceptance refuses to return it on demand ; or ( b ) any person to whom it is delivered for payment refuses on demand either to pay or to return it. In the instant matter consumer has both evidence and witnesses that will prove that the defendants received possession of a restricted endorse instrument ( s ) and were subsequently demanded to return the instruments and refused to do so all in furtherance of a crime. 
The Consumer Protection Law section of the aforementioned Prospectus Supplement, herein give rise to Consumer ( s ) adverse claim to any of the proceeds made by the Trust from the use of the Cardmember ( s ) Receivables, as [ t ] he Trust may be liable for certain violations of consumer protection laws that apply to the Receivables, either as assignee from the Transferors with respect to obligations arising before transfer of the Receivables to the Trust or as the party directly responsible for obligations arising after the transfer. In addition, an Account holder may be entitled to assert such violations by way of set-off against the obligation to pay the number of receivables owing. ( See Consumer Protection Law section of the Prospectus Supplement Pg. 121 ). The Preservation of Consumers ' Claims and Defenses i.e. the Holder in Due Course Rule is herein invoked. The Preservation of Consumers ' Claims and Defenses, '' protects consumers when merchants sell, assigned, conveyed, and transferred to a consumer 's credit contracts to other entities. The unlawful and fraudulent conduct the Trustees warrant the immediate need for federal regulations such as those created under the Dodd-Frank Act signed into law in XXXX and the New York State Unfair and Deceptive trade Act ( 349 ). 
The Consumer believes that a trend is developing among Transfer Agents and Corporate Trustees to openly commit securities fraud. Those unjustly enriched wrong doers falsely believe they are immune from State and Federal prosecution for embezzling and committing securities fraud. I believe fraud on a higher scale is being committed. So, I am requesting the CFPB to begin randomly auditing all transfer agents and indenture trustees. Might I suggest beginning with XXXX XXXX XXXX XXXX and Bank of New York Mellon, who effectively on XX/XX/XXXX, began outsourcing remittance transfers to transfer agent XXXX. I have reason to believe that a XXXX forensic audit report may show fraudulent activities on a higher scale. ( Insider trading, tax evasion and XXXX ) In closing, please note that although this Complaint will be initially reported to CFPB, because it is an agency created to help all Consumers by publishing complaints. However, the Complaint will eventually be filed at the Department of Financial Services, the Securities and Exchange Commission ( SEC ) and Financial Industry Regulatory Authority ( FINRA ).