Thursday, February 5, 2015

Investor Alert! Say No To "Prime Bank" Scam

The SEC issued an alert today to warn investor about "prime bank" investment programs. Here's an excerpt from the announcement:

All “prime bank” investment programs are fraudulent.  Promoters of prime bank programs often claim that investors’ funds will be used to buy and trade supposed prime bank instruments, and that investors will receive guaranteed, high investment returns with little or no risk.  Promoters try to make the schemes sound legitimate by using complex, sophisticated, and official-sounding terms. These may include: debenture, standby letter of credit, bank guarantee, prime world bank financial instrument, private funding project, offshore trade or trading program, trading platform, trading facility, trade slot, high-yield trading or roll program, guaranteed bank note, or some variation. 
Promoters of the scam claim securities are backed by organizations like the World Bank, the International Monetary Fund (IMF), a central bank (such as the U.S. Federal Reserve), or the International Chamber of Commerce (ICC). Evidently it is not unusual for promoters of these investments to advertise in national newspapers, social media and classifieds. They may also avoid using the term "Prime Bank". In this case, investors should be wary of any offer of high-yield, risk free (read high return with no risk) security backed by institutional finance programs. Please circulate. For more info click here.

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