Trump Treasury Secretary was just hit with major lawsuit over multibillion dollar fraud

Treasury Secretary Steve Mnuchin has just been sued in bankruptcy court by the defunct Sears department store chain for fraud and self-dealing while he was a director of the company.

Mnuchin sat on both Sears’ board and on the board of a major Sears shareholding company for eleven years. Lawyers for Sears’ creditors allege that Mnuchin is part of a group of “Culpable Insiders” who unethically profited by selling the company’s assets below market to companies they controlled.

The fraudulent transfer scheme which Mnuchin perpetrated with his college roommate from Yale, Eddie S. Lampert, raked in over $2 billion. The end result was that Mnuchin, Lampert and their cronies executed a long, slow corporate raid on the 126-year-old retailer that cost over 45,000 workers their jobs in just the last two years. The lawsuit alleges: Read more

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