Is Wells Fargo Bank Impounding Medical Marijuana Accounts?

Posted by Johnny Green at 7:45 AM on October 26, 2012 Medical Marijuana Policy Add comments

Oct 262012

Be Careful Where You Put Your MMJ Assets

I just saw the following message come across Sensible Washington’s Facebook page, and felt the need to pass it along. Is this occurring anywhere else? If so, please put the information in the comments so people can be aware!

“The following message came to us from 420 Total Management. This message is appropriate to share. Please note, this issue will not be resolved under I-502 (Thanks in advance, ~Troy):

***ATTENTION COLLECTIVE OWNERS****
Wells Fargo impounded one of my client’s accounts this morning. If you are in Pierce Co and/or WA, your accounts may be in peril. I have advised all other clients to withdraw all but minimun balance required and get their liquid assets out of banks until we can figure out the scope of this matter. I do not believe it is any coincidence that this is occuring as all clients are filling accounts to pay state and employment taxes in the next few days. I will keep you apprised as info becomes available. PLEASE FORWARD AS NECESSARY TO PROTECT OUR RIGHTS AND ASSETS UNDER STATE LAW.”

About Johnny Green

Johnny Green is a marijuana activist from Oregon. He has a Bachelor's Degree in Public Policy. Follow Johnny Green on Facebook and Twitter. Also, feel free to email any concerns.

Dingleberry
Oh man this is slimy. I think mmj is starting to put a dent in somebody’s bottom line.
- Econ 420
  Actually, its probably just AML (anti money laundering laws).
  Because banks are federally regulated, if the fed suddenly decided to seize all MMJ-related accounts and Wells Fargo hadn’t at least pretended to curtail “illicit” account activity – they could be hit with 1/4 billion dollar fines.
  This is likely fallout from the 60-minutes and other national media coverage of legalization initiatives and large-scale dispensaries. It will probably blow over.
  It is rather slimy though.
deuce42
Recreational retailers will be facing these same problems if 502 passes and we somehow actually manage to open stores.
- DavidTheExpert
  Maybe so, but at least they won’t have to worry about going to jail.
  - deuce42
    LOL…tell that to the Federal prosecutors.
    - DavidTheExpert
      The feds don’t have the resources to go after individual smokers the way state and local police do. And if any of these measures are passed this November, state and local police in those states will be powerless. So the federal government will either have to spend millions of dollars on agents to pull over every car that smells like pot smoke, or those individual smokers will never have to worry about police harassment. Which sounds more likely?
      Anyway, the feds will almost certainly go after any dispensaries or “weed stores,” but they can’t change state law, and state police will be unable to get involved.
      - deuce42
        LOL…our local cops and courts have been federalized. Go read the contract your county and city made with the Drug Task Force in your area and you’ll see they are “multi-jurisdictional”. That means the cop just pulls out his DEA hat and badge to bust you.
      - deuce42
        http://www.whitehouse.gov/ondcp/high-intensity-drug-trafficking-areas-program
      - DavidTheExpert
        Yeah that’s not true at all. The federal government provides funding to local/state police forces to enforce anti drug laws. This is why so many police departments are in favor of the drug war. The more marijuana arrests they make, the more funding they get from the government. This does NOT mean that they are any sort of federal agents. It just means they get seedy federal funding. If there are no state laws to enforce, they won’t be able to get their funding. Too bad for them, but good for us citizens.
      - deuce42
        You are a fool if you believe that. We are in a police state. Wake up! I know because I experienced it first hand when I was raided. Read the contracts.
      - The GS Conspiracy
        Local cops cannot enforce federal laws.
        Some times local cops get recruited onto federal task forces, or they help the feds with a raid – but that’s a pretty long way from “federalized” law enforcement.
        And considering their indifference to the dispensary-free-for-all, I have a hard time believing the feds will kick and scream about the tightly regulated.retail/production model proposed by 502.
        They haven’t even condemned the initiatives,instead they had some Fed from the emerald triangle go on national television and tell the country that the US government wouldn’t tolerate anyone growing and selling marijuana in the open. It was almost funny.
        502 is progress, and a fed challenge is half the point.
        Vote YES on 502
I WON’T TAKE IT ANYMORE
Wells Fargo are DIRT BAGS; there is no other reason; oh wait a min there’s; THEY ARE ASSHOLES!!!!!!!

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