Open Letter to Attorney General, Treasurer, and Secretary of State

OPEN LETTER PUBLISHED AT LOBBYIST FOR CITIZENS IN LAKE COUNTY

To:  Attorney General Dave Yost   (via fax)

To:  Treasurer Robert Sprague

To:  Secretary of State Frank La Rose 

Cc:  Buckeye State Sheriff’s Association,  (postal mailing)

A group of concerned citizens in Lake County Ohio fear that a financial crime, of monumental proportions, will soon take place.  We are requesting that you take a close look at section 8 of the Ohio Revised Code 1308-53, which is based on (identical to) the UCC code section 8-503 (all 50 states have adopted this same UCC code).  We share concerns about this law that have been raised by both Governor Kristie Noem of South Dakota and the Heartland Institute in Illinois (see the link below).   That letter is signed by Liberty Counsel Attorneys, several financial hedge fund managers, two Congressmen, Lieutenant Colonel Allen B. West, and several other notable figures.

The UCC code authorizes the “too big to fail” banks to confiscate all securities, whether owned personally or within a state pension, company 401K, or IRA, as well as bank deposits, during a financial crisis.  This will affect EVERYONE.  In effect, this statue steals ownership of all securities by considering them property of the brokerages, etc during their bankruptcy; we just have use of these assets. This is outright theft. Those of us who track the financial markets fear that a serious financial crisis is imminent, and could well happen this Spring/Summer. 

We ask that you please consider asking the legislature to change Ohio’s UCC code to line up with South Dakota’s HB1199, restoring full personal property rights of securities to their rightful owners.   Please consult with the Heartland Institute—a public policy think tank—for further guidance.    Please read their full signed letter.

EXPLANATION FROM THE HEARTLAND INSTITUTE:

Respectfully,

Roxane Premont

Brian Massie. (Lobbyist for Citizens)  (440-479-7061)

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