Prime Bank Guarantee, Letter of Credit, Trading and Other Financial Scams

Executive Summary – In the USA alone victims lose $10,000,000 daily to these frauds. We get calls from victims and would be victims for these frauds almost daily. The crooks even try to get us to invest in these scams, really they do. We will try to educate you about these scams.

Main Scam Identifier – People with many millions of dollars do not ever have strangers handle their money. Never ever, not even a 1/10th of 1% chance. They never trust strangers. Would you? There is no secret banking system. There is no special insider trading of bank instruments. Banks hire bond traders and other professionals who earn six and seven digit incomes to do this trading for them. Why in the world would anyone want to use you to get into a highly lucrative trading program? Banks have a lot more money than you. Why would they need you? You never did this before and do not know much about it? If it is so good why do they need anyone?

Here are some key words to identify scams:

• bank secured trading program
• bank debenture trading program
• off balance sheet program
• money center instrument
• world bank paper
• Federal Reserve notes
• blocked fund letters
• IMF issued bonds
• standby letters of credit
• prime bank notes
• prime bank guarantees
• prime bank debentures
• bankers acceptances
• bills of Exchange
• bills of Equity
• commercial bank credit letters
• irrevocable letters of credit from big banks
• bank guarantees for letters of credit from big banks
• arbitrage of senior bank instruments
• Medium Term Notes (MTN)
• Mortgage program
• Certify funds free of money laundering or narcotics (no such thing)

How the Scams Work – There is some insider who needs investors to help. The bank cannot do it direct is one scam. The trader does it for the bank, but they need investors to bankroll him so he can do it on his own. Or someone comes along who has one of these instruments noted above. If it is too good to be true it is too good to be true. You are not an experienced wall street banker so avoid these things. It is only a scammer who needs you and your money.

How They Try to Scam the Law Firm – We get calls relating to asset backed banking. There is no such term. What is that we say? Oh I want to open an account with a bank instrument of some sort. Basically it is go away fast at this point. These instruments are usually for vast sums of money, hundreds of millions is fairly common, sometimes billions. The instrument they have would be forged. The chances of this being real are zero.

The bank would, if we were dumb enough to introduce the scammer client to the bank, first ask for the names of two people at the bank known to the person. The bank would then look up the phone number of the bank in their international bank directory and call the people to verify the document and reference. Of course it will never verify. Of course the bank is not stupid enough to use the phone number on the document or send an email to the email address on the document. This is where it dies because it does not verify. We look like the village idiot for walking in with this person.

In my early days I once went in with a client who had CD’s from a big bank in the many millions of dollars. The bank manger immediately asked for references at the bank to talk to. The client had none. Then the bank manager says why not have the bank that issued the CD wire the funds to us in Panama? Client has some not good response that makes no sense. Again the credibility drops. The manager got angry fast for having his time wasted.

So if you get presented with such an instrument assume it is false. Walk away then and there. Don’t bother trying to verify it. Sometimes we get a call where there is a Letter of Credit that a person wants to cash in. Ok first question is why not go to the issuing bank? They give you some tax reason or something. Then we say ok but the banks we use will not give you any of the money, not even one dollar until all the money is inside their bank 100% under their control. Before this happens we need a retainer of 1% of the LC. Oh you will give that to us when you get the advance against the LC from the bank that you hope is stupid enough to do that. Our answer is then something like I was born at night but it was not last night, or do I have a flashing sign on my head that says Idiot.

They are stupid enough to think they can walk into a bank with a piece of paper allegedly from a bank that is called Certificate of Deposit or Letter of Credit and deposit it into a new account and get the bank to advance them a few hundred thousand dollars before the bank collects the funds. The bank if stupid enough to go for it would charge them thousands of dollars in fees cash up front to try to collect the LC which would never be redeemable. Ok then go away is what we say. These people can really waste your time. I think they are criminals who are victims of other criminals selling them the instruments they made on photo shop. I also think that someone is conducting training classes in how to pass these instruments. It appears sometimes that we are on a speaker in a training class for criminal scammers. When we detect this we try to make their scam seem as silly a possible to break the morale of the trainees.

The reality is we are not going to expose a bank manger to a stranger with some absurd bank instrument. The LC or CD can be real (assume not) and the person can tell the issuing bank fraud is involved and then the funds would be tied up for many years in another country and the bank is out the money, legal fees etc. So if it real or not real it is still a loser for a bank. Again go cash it at the issuing bank. If not then give us the names of the people at the bank that issued it that should know you, not some third party. Remember to call the bank using the number in the international bank directory – not on the document and never use the number on some website. And before this gets done pay us a cash retainer up front. Never happen, so we just get rid of them.

If you like to think about getting rich fast and easy go buy a metal detector, wake up early in the morning and go look for jewelry at the beach in the sand. Eventually you will find something valuable and the thrill is there with a low risk. You also get out in the healthy ocean air, get some sun, exercise and do not lose much money. These bank instruments and trading programs are not good for anything except losing money, sleepless nights wondering if it is true and then stress when you realize it was a scam.

Scam Victims that Call – Usually it is a trading program victim. He thinks he is going to get tens or hundreds of millions of dollars any day now. He wants an offshore structure. They call us. We say how much money are we talking about and they usually do not know and give us an estimate. People with $30,000,000 know how much they have, exactly. Sometimes they say three or four hundred million dollars. Big difference. Next we ask where the money is. Again a vague answer like it is in EU or UK. Someone with $30,000,000 knows exactly what bank and branch in what country along with names of people at the bank. How do you know the money is there?

Again vague answers. What currency is it in? They usually guess. These folks know nothing exact. The next giveaway is they talk of doing some humanitarian projects. Once in a great while we get a client that does such things with large amounts of money. The lions share that talk about it are scam victims. We generally are very firm in saying you are a victim. We do not have time to go through it with you except you are a classic victim. We see people that sound very much like you with very similar stories. We never ever saw a single one of them get any money yet, ever and you won’t either. Most of them want to ask us questions about the corporations and banks and will not buy anything until they get the funds because they cannot afford it. So here is a person getting $30 million next week who does not have $1795 today, wasting our time with questions so in case they get the money they know what to do. Crazy.

So we write articles like this in the hopes of exposing the scammers. From the USA alone they get $10,000,000 every day. Worldwide the scammers probably take in $100,000,000 a day with the financial trading and other programs. If this is familiar to you assume it is a scam right now and refuse to put any money or time into it. Cease all communications with them.

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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.