January 7th, 2013
Legal gun ownership in America is under attack on all sides. From pending bans that would restrict the sale, transfer and possession of certain weapons, to outright calls for repeal of the Second Amendment, we are entering an unprecedented era in American history.
So much so, that not only is the government now coming after your right to bear arms, but private sector businesses are following suit.
One of the country’s largest financial institutions, the ironically named Bank of America, has now taken it upon themselves to decide what is or is not a lawful business practice.
According to owner Joe Sirochman, the bank, which was recently caught engaging in the highly unlawful practice of laundering billions of dollars in Colombian drug cartel money, has put a freeze on American Spirit’s transaction deposits and has refused to release funds legitimately processed through the company’s web site.
In an apparent attempt to take the moral high road on the issue of gun ownership, Sirochman says the Bank of America manager he spoke to about the inaccessibility of his company’s funds told him the bank believes he “should not be selling guns and parts on the internet.”
My name is Joe Sirochman owner of American Spirit Arms and I wanted to share my recent experience with Bank of America .(which we have been doing business with for over 10 years)…. Everyone is familiar with the latest increase in guns sales , dealers selling out of inventory , Manufacturers back logged for months , large revenue all generated in the last two weeks …. American Spirit Arms is no exception to the overwhelming demand . What we have experienced is that our web site orders have jumped 500 % causing our web site E commerce processing larger Deposits to BANK OF AMERICA ..Well, this threw up a huge RED Flag with Bank of America . So they decided to hold the deposits for further review , meaning that the orders/payments that were coming in through the web, ( being paid by the customer and that were shipped out by American Spirit Arms ), the BANK was keeping (UNDER REVIEW )… as you could imagine this made me furious…
After countless hours on the phone with BANK OF AMERICA I finally got a Manager in the right department that told me the reason that the deposits were on hold for FURTHER REVIEW …
HER EXACT WORDS WERE …
“WE BELIEVE YOU SHOULD NOT BE SELLING GUNS and PARTS ON THE INTERNET”
…I flipped the F**k Out and told them that they have no right to make up their own new rules and regs… that we are a firearms Manufacturer with all the proper licensing FFL (Federal Firearm license ), SOT and that we follow all Federal and All States’ rules and regulations on shipping Firearms and parts ..and that we are also Audited by ATF and Homeland Security on a regular basis …
She said that she understands that but that the deposits will be released after they have a chance to review and clear them … I told her that This was unacceptable and the those deposits (that were a week old by now ) needed to be released ASAP, that we are a small business and rely on the revenue to run and stay operational.
After that being said another Manager got involved and released one of the deposits (to help out )… So far to date after two weeks of sales only 1/3 of collected internet sales have been released ..I am still pissed and looking for another Bank and options …
I just thought the public should know ..
I will keep everyone posted on new developments ..
Joseph P Sirochman
American Spirit Arms
16001 N Greenway Hayden Loop
Scottsdale AZ 85260
As Karl Denninger succinctly points out, what we have here is a private institution determining that their internal regulations and opinions supersede the Constitution of the United States of America:
*** you Bank of America.
MOVE YOUR DAMN MONEY FOLKS AND TELL THEM WHY.
It’s not enough to sell hinky deals in the housing market, to play “head in sand” with Countrywide, to improperly foreclose (even on houses they don’t actually have a loan on!) and more.
Now we have them deciding to effectively steal by conversion, even if only temporarily a lawful business’ fundsthat supports Constitutionally-guaranteed Rights.
**** that and **** you Bank of America.
We second that.
Vote with your wallets and say no to any business that would trample your rights.