The Scam that will Not Die

[Kevin Yeats]

Since several thread appeared (and disappeared) here on BP offering seemingly too-good-to-be-true funding, I thought I would add this topic.

This thread discusses the long-lived prime bank note scam

http://investorswatchdog.com/blog/investorswatchblog/?p=876

from the article:

Prime bank scams usually claim that there is a

[Vikram C.]

Why do people come up with such elaborate scams? Can't they apply their creativity and effort towards an honest purpose and make more money?

[Bryan Hancock]

They could, but some people spend the bulk of their lives trying to figure out how to steal from others. Unfortunately a bunch of these idiots travel in the real estate circles!

[Steve Babiak]

If we had some forum dedicated to the scams and exposing scammers, this thread would surely belong there.

[Will Barnard]

Originally posted by Steve Babiak:
If we had some forum dedicated to the scams and exposing scammers, this thread would surely belong there.

No doubt!

[John Roth]

I get these emails daily. Today if I had a BG, SBLC, MTN, CD or good old cash they will give me 288% in two days non rescourse loan. This was the best one yet. And of course they all have g mail accounts.

[Darryl Dahlen]

I see these scams being offered all the time. Unfortunately, there is a pool of borrowers who are so desperate for funds that enough of them bite on these scams to keep them alive. Almost always, they loose a large sum of money. Too bad, if they only did their DD they would most certainly be able to save themselves future grief.

However, some of these scams are based on a thread of truth. A person can certainly monetize a BG, SBLC, CD, etc. with little problem IF the transaction is real.

The problem lies in brokers/intermediaries who try to put these instruments into a borrower's hands often by leasing them. The fees to do so are often exorbitant, and from what I've seen, these transactions always fall apart.

Often times, the "provider" will provide a front copy of say an SBLC, but what really matters is the back copy. That is where a bank can verify who the actual owner of the instrument is. If the names on the front and back copy don't match, no bank is going to monetize the instrument. If the names match, it is a simple transaction, but if a person could obtain a 50MM SBLC from HSBC then they are in a different league then most and certainly don't need a broker to help them.

My personal favorite is the trading platform scams. Not only are the returns off the wall ridiculous, but it is impossible to verify references since they all hide behind privacy laws.

I look at it this way. If trading platforms could provide the returns they claim, wouldn't it be safe to assume that Warren Buffet wouldn't be investing in stocks??

[Mitch Kronowit]

Why the heck would I invest in some "medium term note" when I already have the dethroned prince of Nigeria promising me $25 million dollars if I simply give him my bank account info and $2,500 to get his money out of Africa?

[Will Barnard]

I'm glad you did that Mitch because the prince then had enough money to buy my ocean front property located in Las Vegas I sold him! Cha Ching for me.

[James Hiddle]

Originally posted by Mitch Kronowit:
Why the heck would I invest in some "medium term note" when I already have the dethroned prince of Nigeria promising me $25 million dollars if I simply give him my bank account info and $2,500 to get his money out of Africa?

Hmmm I have a retired British doctor wanting to transfer his 100 million pounds to my bank account. By doing so I can keep 10% so I'm going to get rich really soons now!!!!!!!