S.E.C. Complaint – File HO- 00506315
Public Storage committed serious crimes against renters of their storage units for gain of management, potential money laundering schemes or other crimes. Accounting irregularities exist whereby when a renter was late in payments no itemization or accounting of late fees were provided to storage unit renters. Late fees were just randomly placed into renters accounts with no itemization, even the crooked banks provide itemization for late fees. This severe accounting breach and crime benefitted Public Storage executives and management. Storage unit renters were unaware if they were charged the correct late fees or if they were gauged of fees to force their storage unit into possible foreclosure or seizure. Public Storage increased rents substantially on renters once they were late even if they caught payments up in the hopes they’d be late again to steal and seize storage unit belongings. How many storage renters were violated in Public Storages schemes? Many Public Storage renters deserve restitution. The management at Public Storage or the S.E.C. should be contacted directly for a statement.
This is a similar concept to the crooked bank fraudulent foreclosures while the Securities and Exchange Commission and U.S. Government allowed banks to commit crimes daily and allow their stocks to trade publicly. These Americans rights violations are all for the gain of shareholders, corporate managements or for Securities and Exchange Commission kickbacks to settle behind the scenes. The crooked broken shambles Securities and Exchange Commission along with California Attorney General fraudster Kamala Harris have made NO PUBLIC comments to bring accountability to Public Storage executives to restitute affected Public Storage renters harmed. This lacking disclosure aided attempts by Public Storage to pay out a larger dividend to shareholders on June 30, 2015. Public Storage just released a statement they need to issue debt to fund growth. So why are any dividends being paid to shareholders when Public Storage committed crimes against their storage renters?
On April 30, 2015 Public Storage increased their dividend by 21% which is an increase of .30 cents per share to $1.70 common share to be paid out on 6/30/15. That is a large increase over the previous quarter’s distribution, especially when accounting irregularities exist. Public Storage defrauded and violated storage unit renters intentionally. Where did all those no itemization late fees plus theft of seized storage units funds go?
Public Storage stock and the dividend should be halted before that increased dividend is paid out to shareholders on 6/30/15. But then dealing with the crooks running the Securities and Exchange Commission and the Government are par for the course as to no accountability or responsibility.